Karvy ban review

arvy had moved the SAT on Thursday challenging the curbs on using PoAs, and Friday's order by the two-members SAT bench is seen as an interim relief for Karvy. At the hearing on Friday, Karvy said not being able to use PoAs was creating problems in settling trades with the clearing houses and, hence, it became necessary to seek clarifications from the regulator. "As clients of Karvy are trading online, they are unable to transfer the securities from the clients' demat accounts to the pool account for the purpose of clearing the trades," the SAT noted. However, the counsel appearing for Sebi said they had serious apprehension in allowing the plea of the brokerage as it might lead to further misuse of the power of attorney given to them by their clients.SAT also directed Sebi to consider Karvy's requests made in three letters to the regulator since the order was passed. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Telegraphhttps://www.magcloud.com/user/meekumarks