IIFL Securities begins activation of 11 lakh frozen Karvy accounts

IIFL Securities Ltd, one of the leading brokerage and advisory firms in India, said today that 11 Karvy demat lakh frozen account holders can now trade or invest on its platform. IIFL Securities had won the official offer to acquire all demat accounts held by Karvy Stock Broking with National Securities Depository Ltd and Central Depository Services Ltd.

The tender process that began in early February finally ended the ordeal of 11 lakh investors whose accounts have been frozen for over a year.

“It is a great pleasure for me to welcome all Karvy account holders. Now their accounts are officially unlocked and they can start trading or investing with IIFL Securities. As a gesture of goodwill, we’ve waived the first year annual maintenance contract fee on your account. Additionally, trading for the first 30 days via IIFL Markets mobile is free, ”said Sandeep Bhardwaj, CEO of Distribution, IIFL Securities.

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Assets under management for 11 lakh Karvy demat accounts amount to 3 lakh crore.

IIFL Securities has created a dedicated web platform for all Karvy demat account holders to facilitate restarting Karvy demat accounts.

IIFL Securities offers investment services in stocks, commodities, currencies, mutual funds, fixed deposits and other debt products, PMSs and more.

On February 6, 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 tender process. formal based on certain prescribed eligibility criteria.

NSDL had said that the funds raised during the tender will be used for settling claims from investors in Karvy, after collecting arrears from market infrastructure institutions.

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