Karvy Stock Broking Ltd.

SAT-appeal

• Alleged unauthorised misuse of clients’ securities and funds by the stock broker, including use of client securities pursuant to powers of attorney.
  Appeal No. 193 of 2021 dismissed with no order as to costs · Ex-parte interim restrictions confirmed by the WTM order dated 24 November 2020 remain operative
  Appeal: Appeal No. 193 of 2021 dismissed by SAT on 23 April 2021; delay condoned in Misc. Application No. 204 of 2021. Earlier Appeal No. 65 of 2020 was dismissed as not pressed on 11 February 2020.
• SAT matter SATV-077DC2F46BD7AEF8D10DEFD6
  Matter adjourned and directed to be listed on 08 January 2026 · SEBI's objection regarding delay in filing the appeal to be considered on an early date
  Appeal: Appeal No. 319 of 2025 with Miscellaneous Applications Nos. 744 and 745 of 2025; order dated 11 November 2025; adjourned to 08 January 2026; delay objection not yet decided
• SAT matter SATV-1BF7F8E505E825317582D7F9
  Delay of 52 days in filing Appeal No. 185 of 2021 condoned. · Respondents directed to file replies within three weeks.
  Appeal: Appeal No. 185 of 2021; delay condoned on 22 April 2021; respondents directed to reply and matter listed for admission and final disposal on 24 June 2021.
• SAT matter SATV-19764B3AF0E074666AC6BE3E
  Matter listed for hearing on 23 June 2026
  Appeal: Appeal No. 319 of 2025, with Miscellaneous Applications Nos. 744 and 745 of 2025; order dated 15 April 2026 adjourned the matter to 23 June 2026
• SAT matter SATV-312F1C2800F2CD4461A07FEE
  Three weeks' time granted to the appellant to file rejoinder · Matter listed for 5 October 2021
  Appeal: Appeal No. 185 of 2021 was pending; rejoinder permitted and matter adjourned to 5 October 2021
• SAT matter SATV-607027A45BC29287E0FE00FB
  Respondent No.1 NSE to file reply by Monday 28 June 2021 · Appellant to file rejoinder within three weeks
  Appeal: Appeal No. 185 of 2021 pending before SAT Mumbai; next listing 4 August 2021
• SAT matter SATV-43842100570447BDEBEB112F
  Adjourned to 24th December, 2021 due to non-availability of Bench · Parties to contact Registrar 48 hours before fixed date for hearing mode
  Appeal: Appeal No.185 of 2021 pending before SAT; adjourned to 24th December 2021 vide order dated 11.11.2021
• Karvy Stock Broking Ltd. misused clients' securities and funds by unauthorisedly pledging client securities.
  Appeal: Appeal No.140 of 2021, Order Reserved 07.09.2021, Date of Decision 29.11.2021
• Unilateral transfer of shares pledged to banks to Karvy clients by SEBI/NSDL without pledgee consent, in violation of Depositories Act and DP Regulations.
  Clarified four weeks from 20 December 2023 applies to Axis Bank and SEBI/NSE/NSDL to implement directions · Misc. Application No. 1681 of 2023 in Appeal No. 35 of 2020 disposed off with no order as to costs
  Appeal: SEBI and NSDL have filed Civil Appeal before Hon'ble Supreme Court against SAT order dated 20 December 2023 - pending
• Karvy prima facie misused client securities by pledging them for own fund-raising, not reporting DP account and bank accounts, diverting proceeds to own accounts.
  WTM ex-parte order dated 22.11.2019 prohibited Karvy from taking new broking clients · Depositories directed not to act on Karvy PoA instructions with immediate effect
  Appeal: SAT Appeal Nos.35, 50, 70, 75 and 112 of 2020 with Misc.Application 113 of 2020, reserved 22.02.2023, decided 20.12.2023
• SAT matter SATV-A5F3222AAC7B47B7E5335EC8
  Three weeks' time allowed to Karvy Stock Broking Ltd to file reply in Appeal No. 70 of 2020 · Rejoinder may be filed within two weeks thereafter
  Appeal: Appeal Nos. 50, 70 and 75 of 2020 pending before SAT; adjourned vide order dated 09.12.2020 for admission and final disposal on 27.01.2021
• HDFC Bank claims priority over Karvy Stock Broking receivables from sale of DP and trading accounts and challenges appropriation by exchanges/depositories without first settling its dues.
  Respondents to file reply on maintainability of appeal · Appellant may file rejoinder thereafter
• SAT matter SATV-ADC5D0B22A8F43226F4DA1EC
  Order reserved after hearing learned senior counsel for parties · Parties to act on digitally signed copy sent by fax and/or email
  Appeal: Appeal No. 140 of 2021 heard on 07.09.2021; order reserved
• SAT matter SATV-3C485D9BCE63EFEA04E21F2E
  SAT considered whether the Bench could hear the appeal despite absence of a Technical Member. · SAT applied purposive interpretation to uphold the Tribunal's jurisdiction.
  Appeal: Appeal No. 140 of 2021; decision dated 17 May 2021. The text addresses the Bench-composition jurisdiction issue; final disposal of the underlying challenge is not shown in the provided extract.
• SAT matter SATV-B64CA18F1A9F1974A49EF7EE
  Three weeks further time allowed to appellant to file rejoinder · List matter on February 1, 2022
  Appeal: Appeal No. 185 of 2021 (Karvy Stock Broking Ltd. vs NSE & Ors.) pending before SAT; not disposed, adjourned on 24.12.2021
• SAT matter SATV-DBDA3124AF2CB9C440C0284C
  Three weeks time allowed to Karvy Stock Broking Ltd. to file reply · Rejoinder may be filed within two weeks thereafter
  Appeal: Appeal Nos. 50, 70 and 75 of 2020 pending before SAT; adjourned and listed for admission and final disposal on 27 January 2021
• Cornering retail IPO allotments (Yes Bank, IDFC) via thousands of fictitious/benami demat and bank accounts; Karvy-DP alleged KYC failure and active collusion, off-market transfers pre-listing for windfall gains.
  Appellant not to act as depository participant pending inquiry/final order except on instructions of existing beneficial owners · Appellant as stock broker not to undertake proprietary trades till passing of final order
  Appeal: Appeal No.92/2006 under Section 15T against WTM order dated 26 May 2006; SAT decision dated 08.01.2007
• SAT matter SATV-5320704B2F79F57C24C75F62
  Three weeks and no more time granted to the appellant to file a rejoinder. · Matter listed for admission and final disposal on 24 March 2022.
  Appeal: Appeal No. 185 of 2021; order dated 1 February 2022; rejoinder time granted and matter listed for admission and final disposal on 24 March 2022.
• Alleged responsibility for PMS-Karvy's regulatory and compliance deficiencies during 1 April 2018–31 March 2019, including failure to maintain qualified officers, disclosure and agreement deficiencies, allocation controls, audit rectification and complaint records.
  Appeal allowed. · SEBI AO order dated 15 November 2022 quashed qua Mr. Vikas Rajpal.
  Appeal: Appeal No. 216 of 2023 allowed and disposed of by SAT on 18 October 2024; impugned AO order dated 15 November 2022 quashed qua the appellant.
• SAT matter SATV-4F91F25B80F60C5A5F333B7D
  Appellant's request for time was granted. · Matter listed for 04 February 2026.
  Appeal: Appeal No. 319 of 2025, along with Miscellaneous Application Nos. 744 and 745 of 2025; order dated 08 January 2026 granted time and listed the matter for 04 February 2026.
• SAT matter SATV-3CCB1870B8FBF27E2B695E97
  Karvy Stock Broking Ltd granted three weeks to file reply in Appeal No. 70 of 2020 · Rejoinder may be filed within two weeks after reply
  Appeal: Appeal Nos. 50, 70 and 75 of 2020 pending before SAT; adjourned to January 27, 2021 for admission and final disposal
• Karvy misused clients securities by pledging them for own loans, not reporting DP Account No.11458979 and six bank accounts; banks pledge claimed invalid as of fully/ partly paid clients without explicit authorization.
  KSBL prohibited from taking new clients for stock broking activities · NSDL and CDSL directed not to act on PoA instructions given by KSBL with immediate effect
  Appeal: Appeal Lodging No.597 of 2019 disposed by SAT order dated 17 December 2019; present Appeals Nos.35,50,70,75,112 of 2020 decided on 20 December 2023
• SAT matter SATV-7BFB9E21867ECCEB46FFD50D
  Appeal dismissed as not pressed on appellant's request for withdrawal · Liberty granted to raise all grounds mentioned in appeal before SEBI
  Appeal: Appeal No. 65 of 2020 dismissed as not pressed (withdrawn) vide SAT order dated 11.02.2020
• SAT matter SATV-80958C4A3FB5C5FFE3C92E48
  Appeal dismissed as not pressed with liberty to raise all grounds mentioned in appeal before NSE
  Appeal: Appeal No. 66 of 2020 dismissed as not pressed on 11.02.2020
• SAT matter SATV-8F0E1DB899AAB49E1E5A4C60
  Four weeks granted to appellant to file additional affidavit for condonation of delay · SEBI permitted to file reply, if any, within two weeks thereafter
  Appeal: Appeal No. 319 of 2025 pending; condonation of delay application pending; adjourned to 08.09.2025
• SAT matter SATV-B5F95831F514892E14613A17
  Three weeks time allowed to appellant to file rejoinder · List matter on 11 November 2021
  Appeal: Appeal No.185 of 2021 pending; rejoinder allowed, next listed on 11 November 2021
• Cornering retail IPO allotments 2003-2005 via thousands of fictitious/benami demat accounts, disregarding KYC norms, providing IPO finance and fabricating documents.
  Appeal No.6 of 2007 separated from Appeals 147,149/2006 and 5,7-12/2007 allowed 22.11.2007 for lack of hearing · Tribunal holds enquiry officer recorded no finding that appellant made no illegal gains
  Appeal: Appeal No.6 of 2007 decided 2.5.2008; companion Appeals 147,149/2006, 5,7-12/2007 allowed 22.11.2007; Appeals 75,111/2007 vs 22.6.2007 order pending
• SAT matter SATV-E71912815E2DB0B385164A11
  Appeal dismissed for want of prosecution due to non-appearance of appellant
  Appeal: Appeal No. 216 of 2023 dismissed for want of prosecution vide decision dated 01.12.2023
• SAT matter SATV-ED1DC186378A7D057972B1D9
  Misc. Application No. 1603 of 2023 allowed as cause shown sufficient · Appeal No. 216 of 2023 restored to its original number
  Appeal: Misc. Application No. 1603 of 2023 in Appeal No. 216 of 2023 allowed on 15.12.2023; appeal restored, listed for admission and final disposal