[Resolved]  Karvy Stock Broking Ltd — Sold my scrips

Dear Sir,

This is DR JOSE JOSEPH from krishnapuram, kayamkulam is a client of your KAYAMKULAM branch with client id no. 485126.

I am writing this mail with great pain & agony. I was trading in Karvy's Kayamkulam, Kerala branch for the last 3 yrs and untill now I trade only the scrip like moser baer and Unitech in only delivery segment.

Sir, I bought UNITECH at the high rate in the mid of last year 2008 I think, with the quantity of 6000 shares. As the market was came down I thought I will sell it only when it recover from its lowest So I kept it. Last week one of the staff (Mr Jemod) came to me with some papers during my peak OP Time in my hospital and told me that "SIR DON'T SELL UNITECH NOW, IT HAS A TARGET OF 260 - 280, SO KEEP IT FOR LONG TERM" and told me to put signature on some papers which he said that it is o[censored]NITECH. As there was heavy patient rush and I have belief in KARVY & there staff I put signature on the papers which he brought. Three days after this incident I called my secretary MR RAVI NAIR to call KARVY people to sell my UNITECH as I read in the news paper that it is going down again after comming at a high of 115. On that day i.e. 9th of Sept 2009, he called at KARVY office at Kayamkulam and told to sell the whole qty of scrip UNITECH. On that time the manager of KARVY KAYAMKULAM, said that one error happend from our end i.e. one of there staff MR JEMOD has been sold the entire qty and made purchase and sale of some F&O Scrip. My secretary called me back & informed me accordingly. After this incident I asked MR RAVI NAIR to tell the KARVY Manager and MR JEMOD to contact me immediately. He as well as I called on both the Manager and Mr Jemod but they neither take up the phone. On saturday, 12th September 2009, the Manager Mr Deepak came to my resident to meet me and told me that "Sir, your shares has been sold by Mr Jemod & your secretary RAVI NAIR, Even I informed Mr Ravi Nair one month back that there is no money in Doctors account.I don't know anything about the transactions, I made complaint about it to the regional office and get the feedback on monday, so come to our office on monday".

On monday 21st september 2009 My secretary RAVI NAIR and My close friend Mr Hussain went to there Karvy Branch, where Mr Deepak was not there and a new manager from Alapuzha Mr Sivakumar was there. He listened all the things and take out all the statement of my tradings which is only upto february 06th 2009 and only 0.95 paise is remaining in the account. He gave us the following email id and told us to contact you & I as well as all the KARVY team will help you and with you in this regards.

Sir, I want the following answers from you accordingly.

01. Why the manager and staff done this to me?

02. As said by the manager that my secretary is indulge in this, what he will get after doing this & moreover neither he nor me knowing anything about this F&O?

03. Why they didn't informed me about my sellings, stock statements etc during the last financial year despite asked by us in march 2009 this year?

04. About Mr Jemod, yesterday the new manager told us that this man has been taken off from his job 4 months back then why and how he came to my hospital last week to take signature on some papers and how that papers reached your regional office without the help of your manager MR DEEPAK?

05. What kind of help you can do to get my scrip/money back ?

06. Despite sending too many mails, neither I got any reply from Karvy branch or Head office in this

Awaiting for your early reply in this regards,

Mobile : [protected]
Phone : [protected]
Home : [protected]
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Complaint marked as Resolved 
Verified Support
Mar 24, 2015
Karvy Customer Care's response
Dear Dr Jose Joseph, Our service team has spoken with you and resolved this query successfully. For any further assistance, please feel free to call our toll free number [protected] or email us at [protected] Thanks, Team Karvy.
Complaint comments  3 CommentsShareTweet


I am also victim of Karvy Stock Broking Ltd. Kolkata- dalhousie Branch vide my Client Code : 1391245. They have forcefully debited Rs.1, 237.14 in my account without my consent for penalty/colletral charges for non trading of shares etc.
a) Amount paid under Protest on[protected] vide Receipt No.[protected] for Transfer of all securities lying with Karvy-DP to my another BO account [As per SEBI Circular No.MRD/Dop/Dep/Cir-22/05 dt.01/11/05, No charges will be applied on such transfer w. e. f. 09/01/06, but unlawfully Karvy's person Mr. Debasish Sarkar & Mr.A. L. Dutta violated the rule & forcefully collected Charges as per above receipt No.) Rs. 66.00
b) Unlawful DP Charges debited in my account of Rs.130/- for movement from Karvy-collateral account to my BO A/c., I have no signed such agreement for twice DP Charges applied on every buying shares from movement through your Margin A/c.
c) Unlawful Delayed payment penalty charges of Rs.391.14 debited in my account, in which no explanation given, even no delayed occurred. T+3 days all shares settled and after payment, Karvy did not transfer the shares in my DP Account. The penalty will be levied on Karvy, but Karvy have been debited with my a/c.
d) On[protected] – Karvy's Collected the Account opening Charges of Rs.650/- in which their
representative told that the same will be adjusted in my brokerage within one year. As on date
approximate Rs.9000/- Brokerage have been charged separately & Karvy did not adjust our
same a/c. opening charges as collected on[protected] as promised

In this matter, I have already send at least six e-mail letter to Karvy's Kolkata Office, Karvy's Hyderabad Office on[protected],[protected],[protected],[protected],[protected], &[protected], but no one can contact or send any reply and adjust my dues from August’2009 onwards. Similarly, I have also send two email for request for reduction of brokerage rate on[protected] &[protected], but Karvy did not respond.
Any one suggest that whether I should lodge proper complain for cancellation of KARVY's Registration with SEBI.
iam really agree with MR.Joseph because R.M. has not taken him in consider that it has been big affence to hi job.If he doest know then he has to take suggestions from client or his superior..

iam also trading with indiinfoline broking company but there they used to aproches every month by ledges and they will show the voice proof as witness...


giri sharma.n
it is of much regret that ever after my contineous complain for not sending any SMS TO MY MOBILE PHONE FROM KARVY the process is ongoing. please stop this if possible or give the the proper way to stop this through any payment or any personal discussion with your official or any written complaints. i want to get rid of this.

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