SEBI and Supreme Court
SEBI and Supreme Court

Karvy Stock Broking case: Supreme Court stays SAT order quashing SEBI refusal to allow banks to revoke shares

The SAT had criticized NSDL for transferring the pledged shares to Karvy's clients without proper legal authority, likening the action to that of a highway robber.

The Supreme Court on Thursday stayed an order of the Securities Appellate Tribunal (SAT) which quashed two orders passed by the Securities Exchange Board of India (SEBI) prohibiting Axis Bank, ICICI Bank, HDFC Bank, IndusInd Bank and Bajaj Finance from revoking shares pledged with them by Karvy Stock Broking Limited (SEBI v. Axis Bank)

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