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SAT dismisses Karvy's appeal
MUMBAI:
The Securities Appellate Tribunal (SAT) on Monday dismissed the plea made by Karvy Stock Broking Ltd. against the Securities and Exchange Board of India's (SEBI) interim order in the IPO scam where thousands of fictitious demat accounts were used to corner the retail portion of shares in 21 initial public offers.
Though SAT officials confirmed that the tribunal had dismissed the appeal, the details were not known immediately.
SEBI, through an interim order in April last, had barred 24 key operators, including Karvy, from participating in the markets for their alleged involvement in the IPO scam.
The regulator had barred Karvy from carrying on several of its businesses, including that of depository participant (DP), share registrar and proprietory trading. Karvy had later filed an appeal in SAT. — PTI
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