[Resolved]  Karvy Stock Broking Ltd. — Playing with Customer Money

Address:

Delhi

I am attached to Karvy for Stock Trading since last year. In April 2011, they suddenly make my ledger cash to zero (as they said as per SEBI they are doing the quarterly closing and issuing the cheques to customers on their balance amount). Though they issued the check the check was first routed to frachises office and finally get credited on my bank after 8-10 days. Any transaction (purchase) if I made thru Karvy during this 8-10 days I have pay the amount to Karvy separately, whereas the balance amount as on cheqeue issue date was suuficient for that settlement. Also, I have registered bank account number with them, where they can easily credit the amount for reuse on following transactions. My question is just issuing the cheque can they make the customer ledger balance zero. Who is eating up the interest on that part, as just issuing the cheque doesn't immedaiate withdraw money from Karvy's account and they are enjoying that interest very cleverly.