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Mumbai Feb 22 SEBI has lifted the ban on Karvy Computershare Pvt Ltd (KCPL) to act as the registrar to issues and as a share transfer agent pending final orders.

By an ad-interim order dated April 27, 2006, SEBI had barred KCPL from undertaking fresh business as a registrar to issues excepting those businesses already contracted as on the date of the order.

SEBI looked into the buying, selling or dealing in shares issued through the initial public offerings of companies during 2003-2005.

It revealed many entities-persons had cornered shares in various IPOs during 2003-2005 by making fictitious benami applications, and by opening fictitious demat accounts.

About 80 per cent of these accounts were opened by Karvy Stock Broking Pvt Ltd, a Depository Participant and a stock broker, which is a sister concern of KCPL.

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