Karvy case: Interim relief to Axis Bank from Securities Appellate Tribunal

The Securities Appellate Tribunal (SAT) on Wednesday granted interim relief to Axis Bank in the appeal filed by the latter against the order passed by the Securities and Exchange Board of India (Sebi) in the Karvy case.

Axis Bank had moved SAT seeking status quo on the order which stated that pledging of shares by Karvy Stock Broking — where clients had “fully-paid” — was legally invalid. 

The tribunal granted interim relief in light of the fact that the National Securities Depository had earlier reversed securities to clients on the basis of Sebi’s November 2019 order.

Confirming the development, an official spokesperson for