Verified Support
Nov 05, 2019
Karvy Customer Care's response Dear Sir / Madam,
We regret for inconvenience.
With reference to your below mail, to accommodate your request and issue new cheque or transfer the amount into your bank account, we request you to forward the below mentioned documents so that we will update our records and re-initiating the payment through Electronic Mode (NEFT/Direct Credit) into your Bank Account.
Below mentioned Documents to be forwarded to Karvy:
1) Copy of GFIL / GPL Investment Certificate.
2) Cancelled Bank Cheque Copy / Pass Book Scan Image.
3) ID & Address Proof (Pan Copy / Driving License / Passport Copy or any other Identification Proof)
4) If the Cheque Amount is more than 50, 000/- copy of Pan Card is mandatory.
5) If the Name is changed request you to provide the following documents.
a) Name Change document (Gazette)
b) Marriage Registration Certificate in case of name change after Marriage.
c) Cancelled Bank Cheque Copy / Pass Book Scan Image of Nominee or the new Claimant.
d) ID Proof (Pan Copy / Driving License / Passport Copy or any other Identification Proof)
e) Address Proof of Nominee or new claimant.
f) In the event of death of the depositor, Nominee can claim the amount by submitting the Death Certificate and KYC proofs of Nominee.
6) In the event of death of both the depositor/s and the nominee, the legal heir(s) of the depositor should submit death certificate of the depositor and below mentioned documents for claiming the amount.
a) In the event the amount to be disbursed is Rs.20, 000 or less and there is no nominee, the legal heir(s) should submit legal heir certificate from the competent authority and N.O.C from other heirs.
b) In the event the amount to be disbursed is above Rs. 20, 000, and there is no nominee, it shall be mandatory for the legal heir(s) to submit succession certificate.
After receiving the above documents along with original warrants, we will update the details in our records and re-initiate the payment through NEFT/Direct Credit / Electronic Mode.
We request you to forward the documents to our below mentioned address.
M/S Karvy Fintech Private Limited
Unit: Golden Forest India Limited
Karvy Selenium Tower B, Plot Nos. 31 & 32 | Financial District
Nanakramguda |Serilingampally Mandal | Hyderabad - 500032 | India
Toll Free Number:[protected]; Email ID:gfil.[protected]@karvy.com
You can call us on our Toll Free Number:[protected].00 am to 5.00 pm – Monday to Saturday) for any clarification or details in this regard.
Thanking you and assuring you of our best services.
Thanks & Regards
Team Karvy
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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.