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Karvy's membership with NSE and BSE was cancelled in November last year
Karvy Stock Broking Limited’s trading and demat accounts were acquired by Axis Securities and IIFL Securities, respectively, The Economic Times reported.
The Central Depository Services Ltd. (CDSL) and National Securities Depository Ltd (NSDL), which held Karvy’s demat accounts, had announced for a formal bidding process to transfer the company’s existing demat as well as trading accounts earlier this month.
“This is to inform you that IIFL Securities Ltd. has emerged as the successful bidder for demat accounts held by Karvy with NSDL and CDSL. The said transfer of demat accounts is subject to remittance of the bid amount and submission of the necessary documents in relation thereto,” IIFL Securities said in a stock filing.
IIFL will acquire Karvy’s 11.06 lakh demat accounts – 7.23 lakh held with NSDL and 3.82 lakh with CDSL. These accounts had a custody value of 3.01 lakh crore as on January 31, 2021.
Axis Securities also put out a statement to announce successful biding for Karvy’s trading accounts, “Once the process is complete, the customer base of Axis Securities will surge from 2.5 million to over 3.6 million.”
Karvy was barred from taking any new clients by the Securities and Exchange Board of India in November 2019 after the brokerage firm was allegedly found misusing client securities. This was followed by NSE and BSE declaring Karvy as a defaulter and its membership was cancelled.