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Pledged securities belonging to clients of broker to whom bank lent money couldn't be retained by bank: SAT

December 6, 2019[2020] 113 470 (SAT - Mumbai)

COMPANY LAW/SEBI ACT : Where bank lent money to stockbroker on basis of pledged securities on bona fide believe that those securities belonged to stock broker but these shares belonged to its clients (beneficial owners) and pursuant to SAT's order, NSE and NSDL transferred back securities to accounts of beneficial owner, prayer of bank to recall or retain shares in question in frozen account of beneficial owners would become untenable; however bank could approach SEBI

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