Karvy Case: SAT Refuses Relief To HDFC Bank, ICICI Bank, IndusInd Bank

Bloomberg Quint | Dec 4, 2019 at 3:19 PM
  • 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.
  • About 83,000 clients got back their securities on Monday, following which Bajaj Finance Ltd. moved SAT and secured interim relief on further transfers.
  • On Nov. 22, Securities and Exchange Board of India barred Karvy Stock Broking from taking new clients due to the alleged misuse of clients’ securities.