IIFL bid wins Karvy's 1.1 million demat customers, Axis takes trading a/cs

Axis Securities' customer base to swell from 2.5 mn to over 3.6 mn; IIFL says well poised to service demat customers from Day-1

IIFL Securities has won the bid to acquire about 1.1 million demat accounts held by Karvy Stock Broking, while Axis Securities has emerged as the successful bidder for trading accounts (broking accounts) held by Karvy. 

These wins were part of a formal bidding process organised by the National Stock Exchange of India (NSE), BSE, and MSE. 

"This is to inform you that IIFL Securities 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