SAT Sets Aside SEBI\'s Ruling On KSBL Broking Operations

Tag : Operations Set
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(RTTNews) - Tuesday, The Securities Appellate Tribunal or SAT setaside the market regulator SEBI's 2007 order suspending the brokingoperations of Karvy Stock Broking for three months, reported themedia. SEBI passed the order against KSBL for its role in the 2005initial public offer scam.
SEBI passed an order on June 22, 2007 suspending KSBL from actingas a broker for three months and said that the company could notopen new demat accounts as depositary participant till December 31,2007.
The report said that KSBL appealed against SEBI's order on itsbrokerage biz. The freeze was to be effective after 21 days of theSEBI order. SAT's three-member bench stayed the SEBI order lastyear.
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