sebi:WTM/AB/SEBI/MIRSD/HO/17/2020
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Facts / Headnote
Confirmed the directions issued vide ex parte ad interim order dated November 22, 2019
Provisions invoked
- s. 19
Regulations
- Reg. 35
Parties
- Karvy Stock Broking Limited
Holding
The Whole Time Member confirmed the directions issued vide ex parte ad interim order dated November 22, 2019 against Karvy Stock Broking Limited.
Full text
Confirmatory order in the matter of Karvy Stock Broking Limited Page 2 of 16 given by KSBL in pursuance of power of attorney given to KSBL by its clients, with immediate effect;
Confirmatory order in the matter of Karvy Stock Broking Limited Page 3 of 16 referred to as “Hon’ble SAT”) inter alia praying directions to SEBI to allow the KSBL to use the PoA given by its clients for limited purpose of transfer of securities to the pool account from demat accounts for settling clients’ pay-in obligations to the exchanges. Hon’ble SAT vide order dated November 29, 2019 directed SEBI to consider the request of KSBL made vide its letters dated November 24, 25 and 26, 2019 and pass an appropriate order after giving an opportunity of hearing by December 02, 2019. Accordingly, a clarificatory order dated November 29, 2019 was passed by SEBI rejecting the request of KSBL to use the PoA given by its clients.
Confirmatory order in the matter of Karvy Stock Broking Limited Page 4 of 16 (i) We have filed an another appeal challenging the SEBI order dated November 19,
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Source: SecMarx — sebi:WTM/AB/SEBI/MIRSD/HO/17/2020. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.