Thu Sep 11 16:57:36 UTC 2025: Here’s a summary of the provided text, followed by a rewritten version as a news article:

**Summary:**

The Bombay High Court dismissed a petition by Rajiv Ranjan Singh, former CEO of Karvy Stock Broking Limited (KSBL), seeking to be discharged from criminal proceedings related to a ₹2,700-crore securities fraud case. The court found sufficient evidence to proceed against Singh, based on SEBI investigations, NSE findings, and forensic audits indicating KSBL illegally pledged and misused client securities. Singh’s argument that a SEBI adjudication order exonerated him was rejected, as the court noted the order still contained adverse observations about his conduct.

**News Article:**

**Bombay High Court Rejects Ex-Karvy CEO’s Plea in ₹2,700-Crore Fraud Case**

**Mumbai, September 11, 2025** – The Bombay High Court today dismissed a plea by Rajiv Ranjan Singh, the former Chief Executive Officer of Karvy Stock Broking Limited (KSBL), seeking discharge from criminal proceedings related to a massive ₹2,700-crore securities fraud case.

Justice Amit Borkar, presiding over the Single Bench, upheld a Special Court’s previous ruling, stating there was “sufficient prima facie material” to proceed against Mr. Singh under Section 27(1) of the SEBI Act, 1992. This section holds company executives accountable for offenses committed under the Act.

The prosecution alleges that KSBL illegally pledged and misused client securities worth approximately ₹2,700 crore without consent, violating SEBI regulations and ethical codes for stockbrokers. Investigations by SEBI, the National Stock Exchange (NSE), and a forensic audit formed the basis of the allegations. Mr. Singh, as CEO at the time of the alleged fraud, is accused of overseeing these operations and failing to exercise due diligence.

Singh’s defense argued that a SEBI adjudication order from April 2023, which did not impose a penalty on him, constituted an exoneration, thus precluding criminal proceedings. His lawyers cited a Supreme Court ruling in support of this argument.

However, Justice Borkar refuted this claim, stating that the adjudication order contained adverse observations about Singh’s role and responsibility. The court emphasized that the evidence, including SEBI inspection reports, NSE findings, and forensic audit data, provided sufficient grounds to proceed with the trial.

“The plea that the applicant stands exonerated in adjudication cannot be accepted as a ground for discharge,” Justice Borkar stated in the order. “The adjudication order does not absolve him. On the contrary, it contains observations which point towards his responsibility.”

The court also noted that at this stage, the available evidence, even raising a “strong suspicion” about Singh’s involvement, was enough to warrant a trial.

The ₹2,700-crore fraud case against Karvy began in 2021, leading to arrests of other Karvy executives and the freezing of assets by the Enforcement Directorate. The High Court’s decision paves the way for Mr. Singh to face trial, with the potential for significant legal repercussions.

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