SAT stays Sebi order against Karvy; admits Karvy's appeal

Mumbai, Aug 8 (UNI) Securities Appellate Tribubal (SAT) today stayed Securities and Exchange Board of India's (Sebi) order against Karvy Stock Broking Ltd (KSBL), restraining them to act as an depository participants.

A three-member bench of the SAT, comprising Justice N K Sodhi, Arun Bhargava and Utpal Bhattacharya, today admitted the appeal filed by KSBL challenging the Sebi order dated June 22 and ordered interim stay to it, till disposal of the appeal.

''With the interim relief by the SAT, we can open demat accounts and may be able to reach out to our customers across the country through 530 branches,'' commented Karvy official.

The Sebi whole time member G Anantharaman, in a final order on June 22 against KSBL, had restrained it to act as a Depository participant, after investigations revealed alleged involvement of the firm in the IPO Scam.

UNI