Karvy crisis: SAT refuses relief to lenders, asks to approach Sebi by Dec 6

The private sector banks joined the petition on Tuesday and there was a lengthy hearing

The Securities Appellate Tribunal on Wednesday refused any immediate relief to top lenders who had petitioned against the transfer of securities held with Karvy Stock Broking Ltd back to the clients.

ICICI Bank, HDFC Bank and IndusInd Bank had contended that many of these securities have been used to borrow money from them and had asked the tribunal to either get back the securities to them or freeze them in an escrow account.

The case pertains to the securities held by Karvy, which were allegedly used by the brokerage for borrowing courtesy the power of attorneys that they had. The securities held