Activation of 11 lakh frozen Karvy accounts begins, check out freebies on offer

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IIFL Securities, 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 has won the official bid to acquire all demat accounts held by Karvy Stock Broking with National Securities Depository Ltd and Central Depository Services.

The asset under management for 11 lakh Karvy demat accounts stands at Rs 3 lakh crore. The bidding process which began in early February has finally ended the ordeal of 11 lakh investors whose demat accounts were 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,” said Sandeep Bhardwaj, CEO, Retail, IIFL Securities.

IIFL Securities has created a dedicated web platform (https://www.indiainfoline.com/wecarekarvy/) and a dedicated number (022-40075000) 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.

This acquisition will catapult IIFL Securities to India’s third largest broker in terms of demat accounts after Zerodha and Upstox. IIFL Securities is India’s largest independent listed broking firm which reported a profit after tax of Rs 51 crore for Q3 FY21 on a revenue of Rs 215 crore.

IIFL Securities has over 2.3 million retail customers, over 500 institutional clients and is the No. 1 banker for Equity IPO over 2018-2020 period. It is also one of the pioneers in bringing technology-led innovations in the broking industry in India.