The Securities Appellate Tribunal (SAT) on Wednesday set aside the orders passed by the Securities and Exchange Board of India against the two depositories, NSDL and CDSL, in the IPO scam that took place during 2003-05. Sebi had imposed a fine of Rs 5 crore on National Securities Depository Ltd and Rs 3 crore on the Central Depository Services (India) Ltd after its investigations found that the two depositories had faltered in their functioning. This, it was stated, resulted in cornering of large number of shares reserved for retail investors in IPOs. These shares were acquired by many entities through benami applications.
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