Protect ordinary investors

They should not be made to pay for Karvy's unethical conduct

The plot thickened in the Karvy case on Wednesday as  the lenders to the brokerage failed to win relief after three days of frenetic legal manoeuvres. The Securities Appellate Tribunal (SAT) refused to allow lenders to retain shares belonging to Karvy clients, which had been illegally pledged to avail of loans. However, the SAT did ask the lenders to make another appeal to the Securities and Exchange Board of India (Sebi) by December 6. It also asked the market regulator to pass a final order on this by December 12. 

According to the petitions submitted to SAT, institutions such as