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Dec 31, 2005, 09.15 AM IST
National Securities Depository Limited, NSDL, has advised Karvy Consultancy to stop opening fresh demat accounts.
NSDL has submited an inspection report on Karvy's KYC norms to Sebi. NSDL has also advised Karvy to put a freeze on all unidentified accounts, and not open any more till the inspection process is complete.
According to NSDL, the order did not follow principles of natural justice. NSDL had also said that it has not been given an opportunity of a hearing, before the order was passed.
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Earlier, NSDL had objected to Sebi's order on the demat racket.
