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This story is from July 5, 2007
SAT stays order against Karvy
Securities Appellate Tribunal stayed a Sebi order banning domestic brokerage firm Karvy Stock Broking Ltd (KSBL) from acting as a broker for three months.
After listening to counsels of both KSBL and Sebi, SAT's three member bench of Justice NK Sondhi, Arun Bhargava and Uttpal Bhattacharya stayed the regulator's order of June 22.
Karvy had appealed against Sebi's final order in IPO scam suspending its licence for three months, while prohibiting it from opening new demat accounts till the end of 2007.
As per the Sebi order, the registration certificate of KSBL, a member of BSE, NSE and Hyderabad Stock Exchange, was to be suspended for three months on the expiry of 21 days from the date of the order. The regulator had also prohibited Karvy Computershare Pvt Ltd from acting as a registrar to any issue for nine months.
However, as it had undergone prohibition for that period earlier, there would be no further direction against Karvy Computershare, it had said. It further said that it was fairly established that Karvy DP and the group was very much in the thick of the entire process of abuse of the IPO process and the penalty was imposed on the basis of the available materials on record.
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