Karvy Stock Broking scandal: Sebi unlikely to provide relief to lenders

The Securities and Exchange Board of India (Sebi) is unlikely to provide any relief to the four embattled financial institutions that had lent to Karvy Stock Broking, which, in turn, had placed client securities as collateral. Following the directions of the Securities Appellate Tribunal (SAT), Sebi last week gave a hearing to HDFC Bank, ICICI Bank, IndusInd Bank, and Bajaj Finance in the matter involving transferring securities that were unlawfully pledged from the accounts of Karvy’s clients. Sources said the regulator was likely to hold the lenders accountable for failing to .....

Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.