Karvy — losses incurred in my and my family's trading accounts held with karvy stock broking ltd | |||
Reference: customer ids: [protected] rajesh kazhipurath [protected] deepa sasidharan 1735257- geetha iyer All o[censored]s have trading accounts with karvy stock broking ltd (Ksbl) under the above client codes. We have mutual funds held in our dps with ksbl which was used as margin for the limits we have for fno trading. In all three accounts we were carrying option positions in nifty and bank nifty for the 26th december, 19 expiry. Since monday, the 2nd of december, your people have been pressurizing us to square off our positions, stating that karvy's license has been cancelled. We were told that if we do not do it, the positions would be squared off from head office. Bowing to the pressure and also not wanting a situation where our positions will be squared off at some random time and price, we agreed, against our will for the positions to be squared. This was on the 04th of december. This has caused a total loss of close to 475, 000 (Four lacs seventy five thousand) for us in all 3 accounts put together. keep in mind the following: 1. We had sufficient securities - mutual funds - with ksbl - totaling more than a crore, in all the 3 accounts put together.2. We had sufficient time till expiry - 16 whole working days till expiry.3. We were coerced to do something that we did not want to, these were hedge positions and we were very comfortable running them to expiry.4. The pressure to square off came about due to issues at ksbl's end - in no way related to us or the conduct of our accounts. Ksbl is entirely responsible for the losses that we have incurred. It is the issues at the company's end - malafide issues and gross misconduct that has resulted in this. We want all our losses made good by the company. please let us know how to go about this. Was this information helpful? | |||
Karvy customer support has been notified about the posted complaint. | |||
2 Comments | |||
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From last 20 days requesting company to transfer money from Trading account to Bank account. But Till now there is no proper response from their side.
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Karvy House, No. 46, 8-2-609/K, Avenue 4, Street No. 1 Banjara Hills, Hyderabad, Andhra Pradesh, India - 500034
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I am not able to transfer my money from trading account to my bank.