https://www.taxtmi.com/caselaws?id=391066 The case involved the misuse of client securities by Karvy Stock Broking Ltd. (KSBL) through unauthorized pledging, leading to SEBI's interim orders freezing certain securities. Axis Bank Limited's argument that the pledges were valid was rejected, as pledging fully paid clients' securities without explicit authorization was deemed invalid. SEBI's directions mandated the release of securities upon proof of authorization for unpaid clients, ensuring compliance with circulars and protecting investor interests. The representation by Axis Bank Limited was resolved in line with the court's directives, emphasizing adherence to SEBI regulations. en-us Tue, 14 Jan 2020 00:00:00 +0530 Sat, 18 Jan 2020 12:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391066 The case involved the misuse of client securities by Karvy Stock Broking Ltd. (KSBL) through unauthorized pledging, leading to SEBI's interim orders freezing certain securities. Axis Bank Limited's argument that the pledges were valid was rejected, as pledging fully paid clients' securities without explicit authorization was deemed invalid. SEBI's directions mandated the release of securities upon proof of authorization for unpaid clients, ensuring compliance with circulars and protecting investor interests. The representation by Axis Bank Limited was resolved in line with the court's directives, emphasizing adherence to SEBI regulations. Case-Laws SEBI Tue, 14 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391066