India, Sept. 12 -- The Bombay High Court on Thursday refused to discharge Rajiv Ranjan Singh, former Chief Executive Officer (CEO) of Karvy Stock Broking Limited (KSBL), from criminal proceedings in a case where he allegedly misused client securities worth Rs.2,700 crore.

Justice Amit Borkar dismissed Singh's plea, upholding a special court's earlier decision that there was enough evidence to put the accused on trial under the Securities and Exchange Board of India (SEBI) Act.

KSBL, once one of India's largest brokerage houses, collapsed in 2019 after SEBI unearthed massive irregularities in the firm's dealings. Investigators alleged that the firm had used client securities without their consent, diverted funds to other companies, and m...