Karvy Complaints & Reviews

MUMBAI : Market regulator Securities and Exchange Board of India (Sebi) in a Friday night order barred Karvy Stock Broking Ltd. from taking on new clients after finding alleged client fraud of ₹2, 000 crore.

Sebi said the firm misused client collateral for its own trades. As per Sebi’s intermediary regulations, brokerage firms cannot create additional pledges on clients’ securities.

In an effort to prevent further misuse of clients securities, Sebi, as an interim measure, barred Karvy from taking any more clients in respect of its stock broking business till the regulator completes its investigations. Karvy was also been barred from acting on behalf of its clients.

Sebi has initiated a forensic audit to establish the extent of alleged misuse of client pledges, and directed exchanges and depositories to initiate disciplinary proceedings against the brokerage firm.

However, in view of the fact that Karvy manages a large number of clients, Sebi is ensuring smooth operations by asking depositories to monitor the flow of money from clients’ accounts.

Sebi said Karvy, despite not having any legal rights to create a pledge on these securities and generate funds, did so to the tune of ₹2, 000 crore. “Even if the client securities were pledged, it should be (used) only for meeting the obligation of the respective clients, " said Sebi member Ananta Barua in a 12-page order.

The order said an NSE inspection showed Karvy had transferred a net amount ₹1, 096 crore to its group firm Karvy Realty between April 2016 and October 2019.

The brokerage also sold pledged client shares via off-market transfer as its own in five out of nine client accounts amounting to ₹228.07 crore in 2019, and transferred stocks worth ₹27.8 crore from 156 clients. None of these trades were executed or authorized by the clients.

Apart from prohibiting the entity from taking new clients in respect of its stock broking activities, the watchdog directed NSDL and CDSL not to act upon any instruction given by Karvy in pursuance of power of attorney given by its clients. Karvy has been given 21 days time from the date of receiving the order to file its objections or responses, if any, PTI reported.

I also have shares worth 3.5 lakhs in karvy .

IN MY HOLDING STATEMENT
IOC-2226
UTTAM VALUE -100000

IN MY DEMAT HOLDING STATEMENT
IOC-2187
UTTAM VALUE -10000

While i ask they informed the balance shares in pool account .i called several times to transfer
they are not transferring to my demat account .
Dont know what to do.

I am doing PayOut for last 10 days but it not got success . If i am calling customer care they also not telling proper reason and not helping me from last 10 days. I am calling so many people of karvay .It's emergency because of that I was sold out my shares.I am sure there is fraud is going karvay.

you can reach me at [protected]

I am doing PayOut for last 10 days but it not got success . If i am calling customer care they also not telling proper reason and not helping me from last 10 days. I am calling so many people of karvay .It's emergency because of that I was sold out my shares.I am sure there is fraud is going karvay.

Hi, I requested aadhaar update online but it says the request is verified and awaiting approval.

I need this urgently for my kid's admission to school otherwise one entire year and opportunity will be lost.

Aadhaar number is[protected]

Please help with this.

Hi, I requested aadhaar update online but it says the request is verified and awaiting approval.

I need this urgently for my kid's admission to school otherwise one entire year and opportunity will be lost.

Aadhaar number is[protected]

Please help with this.

This is karan jaiswal having CC a[protected] with karvy stock broking ltd i have placed payout request on 23oct 2019. still the amount is not Credited in my bank account when i contact my RM, he said payout will take some time at least 10 days ...but i urgently need of money .. Kindly do me favor and transfer the amount to my bank by today ...

Hi Tapash, Did you get any resolution of the payout. My huge money is stuck with these Karvy fraudsters. Can you please guide me.

I withdraw my money but its not withdraw. Today is third day for withdraw request but not proceed what i do.
My id is a45019243

Hi Srinivas...Did you get your payout issue resolved...I am also not able to get money from Karvy as they are not processing any payout request.

Can you tell me what are you doing. I am very stressed out

For the last two weeks Karvy is not processing the payout request. No reply for the multiple mails to service @ Karvy.Com. No response from customer care number. Local branch not picking up phone. Really worried about money. Will never opt for Karvy in my lifetime. Hell of an experience.

I am trying for payout almost one month, but the payout is not taking place... My money is not transferred to the bank. Initially the money get deducted from the karvy account but the same is not deposited to my bank account. The next day morning i find the amount back in my karvy account.
My client code is HBH011104

MUMBAI : Market regulator Securities and Exchange Board of India (Sebi) in a Friday night order barred Karvy Stock Broking Ltd. from taking on new clients after finding alleged client fraud of ₹2, 000 crore.

Sebi said the firm misused client collateral for its own trades. As per Sebi’s intermediary regulations, brokerage firms cannot create additional pledges on clients’ securities.

In an effort to prevent further misuse of clients securities, Sebi, as an interim measure, barred Karvy from taking any more clients in respect of its stock broking business till the regulator completes its investigations. Karvy was also been barred from acting on behalf of its clients.

Sebi has initiated a forensic audit to establish the extent of alleged misuse of client pledges, and directed exchanges and depositories to initiate disciplinary proceedings against the brokerage firm.

However, in view of the fact that Karvy manages a large number of clients, Sebi is ensuring smooth operations by asking depositories to monitor the flow of money from clients’ accounts.

Sebi said Karvy, despite not having any legal rights to create a pledge on these securities and generate funds, did so to the tune of ₹2, 000 crore. “Even if the client securities were pledged, it should be (used) only for meeting the obligation of the respective clients, " said Sebi member Ananta Barua in a 12-page order.

The order said an NSE inspection showed Karvy had transferred a net amount ₹1, 096 crore to its group firm Karvy Realty between April 2016 and October 2019.

The brokerage also sold pledged client shares via off-market transfer as its own in five out of nine client accounts amounting to ₹228.07 crore in 2019, and transferred stocks worth ₹27.8 crore from 156 clients. None of these trades were executed or authorized by the clients.

Apart from prohibiting the entity from taking new clients in respect of its stock broking activities, the watchdog directed NSDL and CDSL not to act upon any instruction given by Karvy in pursuance of power of attorney given by its clients. Karvy has been given 21 days time from the date of receiving the order to file its objections or responses, if any, PTI reported.

Hi, till date i have not received any payout amount in my SB account, it is already more than a week.