Securities Appellate Tribunal (SAT) on Friday extended the stay on implementing the Securities and Exchange Board of India (SEBI) order that barred Karvy Stock Broking from taking up new assignment or launching new schemes, till the time the matter is decided by the tribunal.
SEBI’s ruling was with regard to the IPO scam of 2003-2005.
Earlier in June, SAT had stayed the SEBI order till a hearing on Friday.
Prior to this, the tribunal on April 16 had extended the stay on implementation of the order till June 23.
“An interim order granted on April 16, 2014 and continued on June 9, 2014 shall continue till disposal of the appeal,” SAT said.
SEBI had charged that Karvy Stock Broking had “failed to maintain high standards of integrity and further indulged in manipulation and malpractices and thereby violated the code of conduct” specified in its Broker Regulations.
The case relates to large-scale irregularities in as many as 21 IPOs during 2003-2005 period.
