The country’s leading broking and advisory firm IIFL Securities Ltd. Has informed that people who have demat accounts in Karvy and they have been frozen, they can now trade or invest on the platform of IIFL Securities. This will benefit 11 lakh demat account holders. The demat accounts held by Karvy Stock Broking’s National Securities Depository Limited and Central Depository Services Limited were auctioned. Whoever wins in this bid gets all the demat accounts, ie for the demat account holders, Nay becomes a stock broker. The bid of IIFL Securities won in this auction. After this acquisition, IIFL Securities will become the third largest broker company in the case of demat accounts after Jerodha and Upstox.
The asset under management of all these 11 lakh accounts is Rs 3 lakh crore. The bidding process for these accounts started in February 2021 and now its decision has come. All these 11 lakh accounts were running freeze for the last one year.
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Sandeep Bhardwaj, CEO (Retail), IIFL Securities, said that they welcome all Karvy account holders and the ban has now been officially removed from their accounts and they can now start trading and investing. Bhardwaj said that the first year annual maintenance contract charges have been waived for all Karvy account holders as Goodwill gestures. Apart from this, trading through IIFL Markets will be free for the first 30 days.
Dedicated web platform for Karvy account holder
IIFL Securities has created a dedicated web platform for Karvy account holders. Apart from this, a dedicated number (022- 40075000) has also been released. Through this website and number, all Karvy Demat account holders can start trading and investing once again from their account. IIFL Securities provides investment services in equities, commodities, currencies, mutual funds, fixed deposits and other debt products, PMS etc.
(Story: Sunil Dhawan)