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 …
