The private sector banks joined the petition on Tuesday and there was a lengthy hearing.
On November 22, Sebi barred KSBL from taking new clients in respect of its stock broking activities and also prevented it from using the power of attorney (PoA) given by clients after the broker was found to have allegedly misused clients' securities.
On Wednesday, SAT bench comprising members -- C K G NAIR and Justice M T Joshi -- said no further relief can be granted to the lenders beyond the order in the Bajaj Finance plea.
They asked the lenders to approach Sebi by December 6 with a fresh plea. A Whole Time Member of the regulator would give a personal hearing to the aggrieved parties and pass an order by December 12.