Last Updated : Dec 02, 2019 08:40 PM IST | Source: Moneycontrol.com
Bajaj Finance has moved the SAT to challenge SEBI’s decision on restoring Karvy’s pledged securities to its clients.
Bajaj Finance has contested the decision of Securities and Exchange Board of India (SEBI) to return to Karvy’s clients the securities that the broking house had illegally pledged to raise money for itself.
The company today moved the Securities Appellate Tribunal (SAT), claiming that it has right to the pledged securities and that SEBI was wrong in returning the securities to accounts of Karvy’s clients.
Bajaj Finance made SEBI and Karvy party to the case. SAT will hear the matter on December 3.
The Karvy case came to light after the broking firm defaulted on payouts to clients, and it emerged that it had used client securities to raise money to trade – some of which had gone bad. Moneycontrol broke this story.
Banks have a total fund-based exposure of Rs 1,415 crore, according to a report.
Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Dec 2, 2019 08:40 pm