The Hindu Business Line : SAT stays SEBI order on Karvy Stock Broking

Securities and Appellate Tribunal (SAT) has stayed the SEBI order on Karvy Stock Broking Ltd suspending it from doing stock broking for a period of three months. SEBI action followed Karvy’s alleged involvements in the irregularities in the allotment of initial public offering of companies such as Yes Bank Ltd and Infrastructure Development Financing Corp Ltd.

Registrar to the issue, Karvy Computershare Ltd had also been prohibited from acting as registrar for a period of nine months. However, since Karvy Computershare had already undergone the prohibition for that period vide Securities and Exchange Board of India order dated April 27, 2006, no further directions were issued against it.

Karvy had appealed to SAT against SEBI’s order, which barred it from stock broking for three months and prohibited it to open fresh demat accounts till December 31.

SAT’s three member bench – Mr Justice N.K. Sondhi, Mr Arun Bhargava and Mr Uttpal Bhattacharya, stayed the regulator’s order of June 22, reported agencies. Karvy is a member of the BSE, the NSE and the Hyderabad Stock Exchange.

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SAT stays SEBI order on Karvy Stock Broking