Date:01/07/2008 URL: http://www.thehindubusinessline.com/2008/07/01/stories/2008070151301700.htm

Back SAT sets aside SEBI’s final order against Karvy group

Our Bureau

Mumbai, June 30 Securities Appelate Tribunal (SAT) on Monday set aside the SEBI’s final order against Karvy group in the IPO allotment scam, a Karvy official said.

The details of the SAT order were not known.

However, sources familiar with the development said that the order has been set aside for the purpose of redoing it later in three different orders. SEBI order was against three Karvy entities.

The Karvy group had gone for an appeal against the SEBI order that prohibited Karvy Stock Broking Ltd as Depository Participants from opening fresh demat accounts till the end of 2007.

The market regulator had also suspended Karvy Stock Broking as a stockbroker for three months in 2007.