In a case related to Karvy Stock Broking Ltd (KSBL), the Securities Appellate Tribunal (SAT) on Thursday stayed Securities and Exchange Board of India’s (Sebi) demand notices issued to stock exchanges BSE and NSE, in which the regulator had demanded them to pay over Rs 5 crore within 15 days.

The appellate panel noted in its judgment that these appeals were scheduled for admission on June 14, after which the cases were deferred until June 21, and Sebi was given an oral directive that no recovery should be made until that date. "Despite the Tribunal's oral direction, it appears that a demand notice has been issued. It is sad that, despite an oral directive, the Recovery Officer filed a demand notice on June 15, 2022 "According to SAT.

It was ordered that no recovery from the appellants be made until the next date of listing. "The June 15, 2022 demand notice is delayed, and no recovery will be made until the following date of listing."

In a case related to KSBL, Sebi sent notifications to stock exchanges on Wednesday, threatening to seize assets and bank accounts if they do not pay within 15 days.

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