Respite for SEBI in the Karvy Stock Broking Matter: SC stays SAT order

SAT had noted in its order that if SEBI and the depository believed the pledge was wrongly created by Karvy, the appropriate remedy was to file an application before the National Company Law Tribunal for rectification of its register
Karvy Stock Broking case - SEBI - SAT order - TAXSCAN

On Thursday, the Supreme Court issued a stay on the Securities Appellate Tribunal’s (SAT) order following a petition filed by the Securities and Exchange Board of India (SEBI) in the Karvy Stock Broking case. The petition challenged SAT’s earlier decision that had favored major lenders including Axis Bank, ICICI Bank, HDFC Bank, IndusInd Bank, and…

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