IIFL Securities Ltd, one of India’s major broking and advisory firms today mentioned that 11 lakh frozen Karvy demat account holders can now trade or invest on its platform. IIFL Securities has won the official bid to obtain all demat accounts held by Karvy Stock Broking with National Securities Depository Ltd and Central Depository Services Ltd.
The asset below management for 11 lakh Karvy demat accounts stands at Rs 3 lakh crore. The bidding approach which started in early February has ultimately ended the ordeal of 11 lac investors whose account has been frozen for more than a year.
Commenting on the win, Sandeep Bhardwaj, CEO, Retail, IIFL Securities mentioned, “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.”
IIFL Securities has designed a committed internet platform (https://www.indiainfoline.com/wecarekarvy/) and committed quantity (022-40075000) for all Karvy demat account holders to facilitate the re-beginning of Karvy demat accounts.
IIFL Securities gives investment services across equity, commodities, currency, mutual funds, fixed deposits and other debt solutions, PMS, and a great deal more.
IIFL Securities is a important player in each retail and institutional segments of the capital industry with more than 2,500 points of presence across India and provide unparalleled analysis coverage on 225+ businesses.
As per the business, this acquisition will catapult IIFL Securities to India’s third biggest broker in terms of demat accounts immediately after Zerodha and Upstox. IIFL Securities is India’s biggest independent listed broking firm which reported a profit immediately after tax of Rs 51 Cr for Q3 FY21 on a income of Rs 215 crore.
IIFL Securities has more than 2.3 million retail prospects, more than 500 institutional consumers and is the No. 1 banker for Equity IPO more than 2018-2020 period. It is also one of the pioneers in bringing technologies-led innovations in the broking market in India.