Indian share market is likely to open higher as ahead of today’s trading session, SGX Nifty was in the green, hinting at a positive start for NSE Nifty 50 and BSE Sensex. With the US market being closed on Monday for the Labour Day holiday, equity traders would be looking for cues from Asian and other global markets for Tuesday’s session. “Markets have been showing tremendous resilience amid tough global conditions however it would be hard to hold if the situation deteriorates further. Banking and financial pack have played a critical role in capping the damage so far and their …
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Share pledging case: SAT quashes NSE, CDSL orders against Kotak Mahindra Bank
The Securities Appellate Tribunal (SAT) has quashed orders passed by stock exchange NSE and depository CDSL against Kotak Mahindra Bank in share pledging case pertaining to Arcadia Share and Stock Brokers. Quashing the directions, the appellate tribunal said that National Stock Exchange (NSE) and Central Depository Services (India) Ltd or CDSL had no powers to issue directions to a non-trading member. Thereafter, CDSL imposed a debit freeze, prohibiting the lender from invoking the pledged shares and recovering its dues. Following these orders, Kotak Mahindra Bank approached the appellate tribunal. In its order, SAT said that respondent (NSE) as a stock …