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This story is from May 3, 2006
Court stays Sebi order on Karvy
HC of Andhra Pradesh has ordered suspension of an interim order Sebi, directing all DP accountholders of Karvy to shift to a new depository participant.
HYDERABAD: High Court of Andhra Pradesh has ordered suspension of an interim order Sebi, directing all DP accountholders of Karvy to shift to a new depository participant.
Admitting a writ petition filed by Karvy on the issue, Justice G Raghuram passed an interim order. The case will, however, come up for further hearing only after June 5, 2006.
Karvy has about 7.5 lakh DP account holders apart from other clientele through its other subsidiaries including trading and share transfer.
In its interim order on IPO scam on April 27, 2006, the regulator had banned Karvy's trading through propreitary accounts and given the clients of Karvy 15 days to transfer their accounts to another depository participant.
Sebi had found that Karvy had the most number of fictitous accounts among other depository participants.
Admitting a writ petition filed by Karvy on the issue, Justice G Raghuram passed an interim order. The case will, however, come up for further hearing only after June 5, 2006.
Karvy has about 7.5 lakh DP account holders apart from other clientele through its other subsidiaries including trading and share transfer.
In its interim order on IPO scam on April 27, 2006, the regulator had banned Karvy's trading through propreitary accounts and given the clients of Karvy 15 days to transfer their accounts to another depository participant.
Sebi had found that Karvy had the most number of fictitous accounts among other depository participants.
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