Axis Bank moves SAT seeking status quo against Sebi order on Karvy

Axis Bank on Wednesday moved the Securities Appellate Tribunal (SAT), seeking status quo on the order issued by the Securities and Exchange Board of India (Sebi), which stated that pledging of shares by Karvy Stock Broking — where clients had ‘fully-paid’ — was legally invalid.

The tribunal granted interim relief to Axis Bank, in light of the fact that in the past the National Securities Depository had reversed client securities on the basis of Sebi’s November 2019 order pertaining to the Karvy case.

Confirming the development, an official spokesperson for Axis Bank said, “The bank has filed an appeal before