Supreme Court Directed In Karvy Stock Broking Case: No Coercive Action Against SEBI, NSDL And NSE

The Supreme Court in the case Securities and Exchange Board of India v. Axis Bank Limited & Ors., observed wherein the appeal is filed against the Securities Appellate Tribunal’s, SAT for quashing the order of SEBI in the Karvy Stock Broking case.

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The Supreme Court in the case directed that no coercive action be taken against SEBI, National Securities Depository Limited, NSDL and the National Stock Exchange of India Limited, NSE.

The three-Judge Bench of Chief Justice DY Chandrachud, Justices JB Pardiwala and Manoj Misra in the case observed and has directed that status quo be maintained wrt shares of Axis Bank till next date of hearing, i.e. January 25, 2024.

The court observed that the present appeals challenge SAT orders of December last year, whereby the Tribunal quashed orders issued by SEBI against lenders i.e., the Axis Bank, ICICI Bank, HDFC Bank, IndusInd Bank and Bajaj Finance, wherein prohibiting them from revoking the shares pledged by Karvy Stock Broking.