Bajaj Finance had challenged the SEBI order to return to Karvy's clients the securities that the broking firm had illegally pledged to raise money for itself.
"In the interim further transfer of securities shall remain suspended from DP account no. 11458979, named KARVY STOCK BROKING LTD. (BSE) in terms of direction no. (iv) of the impugned order (supra)," the SAT order said.
The tribunal also direct the SEBI to hear the lender's concerns by December 4 and pass an order by December 10.
Securities worth worth Rs 2,013.77 crore were transferred to over 83,000 investors of Karvy, following which Bajaj Finance moved the SAT.
Karvy had pledged securities worth Rs 2,300 crore of over 95,000 clients with HDFC Bank, ICICI Bank, Bahah Finance and Indusind Bank as collateral to raise money for itself, as per a SEBI investigation.
Following the revelation, SEBI barred the firm from taking new clients on board.
On Monday, the National Stock Exchange (NSE) and the BSE announced the ban on the broking firm on account of non-compliance of regulations.
NSE banned Karvy from capital market, futures and options (F&O), currency derivatives, debt, Mutual Fund Service System (MFSS) and commodity derivatives, while BSE deactivated its trading terminals on equity and debt segments and put them in "RRM" (risk reduction mode) mode in equity derivatives, currency derivatives and commodity segment.
( With inputs from IANS )