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- By Parinda News Bureau, January 10, 2007, 15:00 IST
The Securities Appellate Tribunal (SAT) on Monday dismissed the plea made by Karvy Stock Broking Ltd. against the Securities and Exchange Board of India's (SEBI) interim order in the IPO scam where thousands of fictitious demat accounts were used to corner the retail portion of shares in 21 initial public offers.
SEBI, through an interim order in April last, had barred 24 key operators, including Karvy, from participating in the markets for their alleged involvement in the IPO scam. The regulator had barred Karvy from carrying on several of its businesses, including that of depository participant (DP), share registrar and proprietory trading. Karvy had later filed an
appeal in SAT.
Sebi has time till the end of May to pass its final order on depository participant and broking firm Karvy. That is the word from the Securities Appellate Tribunal, which has dismissed Karvy's plea. CNBC-TV18 gives the details of the order.
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