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SEBI rejects Axis Bank’s plea from accessing pledged Karvy shares

January 16, 2020[2020] 113 313 (SEBI)

COMPANY LAW : Pledging of securities of unpaid clients requires taking of 'explicit authorization' by stock broker from each such client and in respect of each such pledging. Further, in this regard, SEBI's circular dated 23-4-2010 makes it clear that PoA given by client to broker can be used for purpose of pledging in favour of stock broker, 'only' for meeting margin requirements

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