SAT extends status quo on Axis Bank-Karvy Stock Broking case till Jan 31

The Securities Appellate Tribunal (SAT) has extended its status quo order in case of Axis Bank and Karvy Stock Broking till January 31.

On January 15, Axis Bank had moved SAT seeking relief against an order passed by the Securities and Exchange Board of India (Sebi), which stated pledging of shares by Karvy -- where the clients had 'fully paid' -- was legally invalid.

Following this, SAT granted interim relief to Axis Bank, as in the past National Securities Depository had reversed securities to clients on the basis of Sebi’s November 2019 order pertaining to the Karvy case.

The Sebi