IIFL Securities Ltd, one of India’s leading broking and advisory firms today said that 11 lakh frozen Karvy demat account holders can now trade or invest on its platform. IIFL Securities had won the official bid to acquire all demat accounts held by Karvy Stock Broking with National Securities Depository Ltd and Central Depository Services Ltd.
The bidding process which began in early February has finally ended the ordeal of 11 lakh investors whose account has been frozen for over a year.
“It gives me immense pleasure to welcome all Karvy account holders. Now their accounts are officially unfrozen and they can start trading or investing with IIFL Securities. As a goodwill gesture, we have waived the first year Annual Maintenance Contract charges on your account. Also, trading for the first 30 days through IIFL Markets mobile is free,” Sandeep Bhardwaj, CEO, Retail, IIFL Securities said.
The asset under management for 11 lakh Karvy demat accounts stands at ₹3 lakh crore.
IIFL Securities has created a dedicated web platform for all Karvy demat account holders to facilitate the re-starting of Karvy demat accounts.
IIFL Securities offers investment services across equity, commodities, currency, mutual funds, fixed deposits and other debt products, PMS, and much more.
On 6 February, the NSE, BSE and MSE issued a circular to transfer the trading and demat accounts held by Karvy Stock Broking Ltd to another member or participant through a formal bidding process based on certain prescribed eligibility criteria.
NSDL had said that the funds raised from the bidding will be utilized for the settlement of claims of investors of Karvy, after recovering the outstanding dues of market infrastructure institutions.
