SAT slams NSDL, SEBI for 'highway robbery' of Karvy lenders

The Appellate Tribunal criticized NSDL for transferring the pledged shares to Karvy's clients without proper legal authority.
SEBI and Securities Appellate Tribunal
SEBI and Securities Appellate Tribunal

The Securities Appellate Tribunal (SAT) on Wednesday quashed two orders passed by the Securities and 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. [Axis Bank v. SEBI and Ors]

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