The Securities Appellate Tribunal (SAT) today upheld the Securities and Exchange Board of India (Sebi) decision late last year directing depositories and the depository participants (DPs) not to levy any fees when an investor transfers securities from one DP to another DP, saying the regulator's move would help investors to close accounts in one DP and open another DP or a depository, if they are not satisfied with the services offered by existing DP. | |
| Dismissing an appeal filed by the premier depository National Securities Depository Ltd (NSDL), the three-member tribunal, presided by Justice N K Sodhi, said the Sebi move in this matter was "rather laudable and protects the interests of the investors". |
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| "No fault can be found with the decision of the Sebi directing the depositories and their participants not to levy the transaction charges when securities are transferred from one participant to another participant or even to another depository," the tribunal said. |
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