New Delhi, Dec. 11 -- The Securities Appellate Tribunal (SAT) has stayed an enquiry order issued by the Securities and Exchange Board of India (Sebi) that had barred Prabhudas Lilladher from taking on any new business for seven days over rule breaches.

"Having regard to the fact that debarment is for seven days, which can be imposed later if the appeal is dismissed, we direct that the order shall remain stayed," read the tribunal order passed on 9 December.

The markets regulator has been given six weeks' time to file a reply to the broker's appeal. The tribunal gave an additional three weeks if Prabhudas Lilladher wants to file a rejoinder to the reply.

Prabhudas Lilladher had challenged a Sebi order that had imposed a ban on acquiring...