Well, as a finance student, I see the Karvy default as a classic case of a broker misusing client securities for its own loans, breaking SEBI's client agreement rules. The rule change was meant to tighten that, but such failures always come down to weak oversight—like a careless watchman. Watching my own grandfather's small earnings, I know a system that fails the small saver isn't just a legal lapse; it's a betrayal of trust, as deep as if someone messed with his 'ittar' money for my college fees.
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