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Karvy challenges SEBI's order in SAT

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Karvy Stock Broking has moved the Securities Appellate Tribunal(SAT) seeking relief to allow the firm to tender securities for settlement.Securities and Exchange Board of India has restrained the brokerage from using the clients' Power of Attorney (PoA) because of which they are unable to finish the settlement process of the shares , said a person close to the development. The tribunal has posted the matter for hearing on Friday. Law firm Vishesha Law Services is representing Karvy Stock Broking before SAT. Karvy did not respond to an email query on the matter

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