Karvy Stock Broking not only illegally pledged clients' shares but also held back their payments for months after investors sold through the troubled brokerage firm, it is learnt. Karvy-Stock-Broking didn't reply to an email from TOI about complaints by clients about non-transfer of funds to their accounts. Karvy-Stock-Broking sold the shares and after deduction of charges was to transfer nearly Rs.3.83-crore to his US-bank-account.

India rolled back an additional levy on foreign funds and announced other measures to boost economic growth. The enhanced surcharge on long and short-term capital gains has been withdrawn, Finance Minister Nirmala Sitharaman said Friday. She also announced an immediate infusion of 700 billion rupees ($9.8 billion) set aside in the budget last month to boost capital of banks.

Indicating no roll back of the income tax surcharge on the super-rich imposed in the budget, Finance Minister Nirmala Sitharaman on Thursday ruled out any adverse impact of it on investor confidence and said the fears of flight of capital are unfounded. On non-banking finance companies (NBFCs), she said the government will partially guarantee their high-quality pooled assets.