Business Standard

Have a claim against Karvy? Complain to stock exchange's grievance cell

To prove Karvy withdrew securities from your demat account, obtain a transaction statement

Karvy Stock Broking

Customers who have a claim and have not complained yet should do so with the Investor Grievance Cell (IGC) of their exchange

Sanjay Kumar Singh New Delhi
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have both terminated the brokerage membership of Karvy Stock Broking. NSE has also declared Karvy a defaulter. The brokerage firm had transferred securities from clients’ demat accounts without their authorisation to its own account by misusing the power of attorney (PoA) obtained from them. It sold their shares and diverted the money to another entity. It also pledged clients’ shares to take loans from banks. While many clients have got their money back, around 90,000 have not.

Declaration of the stockbroker as a defaulter is a crucial step. “Once a

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First Published: Nov 26 2020 | 6:10 AM IST

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