[Resolved]  Karvy — Non- delivery of shares (stock) and not paying their dividend amounts.

Address:

Karvy House, No. 46, 8-2-609/K Avenue 4, Street No. 1 Banjara Hills, Hyderabad – 500 034. Telangana, India

1.Some general points to ease the case study :- (a)Karvy Stock Broking Limited is the broking arm of Karvy group. Karvy Stock Broking Ltd (KSBL) as the name implies is a stock broking company and we are their clients. People refers KSBL as Karvy shortly.We trades (buy and sell) shares of stock through KSBL.(b) Demat is an electronic system of preserving share of investor and pool account is a central account for broker to facilitate frequent purchase and sells of clients’ shares.(c) .My name is Saraswati Karmakar, DP ID : Karvy Stock Broking Ltd (IN300394) :Client Id :15031035, Trading A/c: 1390068, Email id : [protected]@rediffmail.com (Ref may be required for Karvy Stock Broking Ltd.).
2.I am an investor not trader at all hence it is not required to keep my shares in pool account as there are no frequent trades specially frequent sell from my end and all of my trades are of delivery nature. Then why KSBL kept my delivery nature shares in their pool account? They kept my shares in their pool account intentionally and they have pledged our shares to the Bank as co-lateral for their own purpose.
3.I have been reminding KSBL several times to transfer my shares from their pool account to my demat account since 2 years (approx). But KSBL is not doing so. They are killing time.
4. The present cost of my shares which are illegally in their pool account is more or less INR 30.00 Lac and their dividends extra.
5. I have no payment dues with KSBL.
6. Investor Protection Fund of NSE has paid me INR225313.75 only and they said balance is in litigation.
7. I am a woman and KSBLhas made me a beggar.

(8)I am requesting to transfer my all shares to demat account (DP)
(9)Most of the times KSBL does not pick up phone call made through their customer care No. [protected] and e-mail from our end sent through their customer care Id : [protected]@karvy.com returned with automated reply -
[Dear Customer
Thank you for writing to us.
Please note that your query is being looked into on a priority basis and we shall update you regarding the same at the earliest.
Your patience and cooperation in the interim will be highly appreciated.
We assure you the best of our services and look forward to your continuous patronage.
Thanks and regards,
Service Desk]

(10).KSBL has stopped share trading since 02.12.2019 and expelled by NSE/BSE on 23.11.2020 being defaulter.


(11). I am attaching three documents converting them in JPG photos accordingly in “Add Photos/Videos”. Here I am writing some details against each document chronologically.
(i) My Holding Statement of shares of different companies released by Karvy Stock Broking Ltd (KSBL), E- Mail Ref :
[ From: Amritlal Dutta/BROKING/Kolkata/Business on Mon, 04 Jan 2021 14:51:24) ]

This document is attached in the form of jpg photos in “Add Photos/Videos”section of this Complaint Registration Form named as HSP1 to HSP2 (HSP = Holding Statement Page)
Here against “Type” column DP refers to Demat account/ Depositary Participant & BEN refers to Pool Account of share broker ( here KSBL)/Beneficiary

(ii) Letter of NSE for Investor Protection Fund including mismatching regarding shares details, E-Mail Ref : [From: defaultisc on Fri, 07 May 2021 15:09:16 )]
This document is attached in the form of jpg photos in “Add Photos/Videos”section of this Complaint Registration Form named as IPFP1 to IPFP2 (IPFP = Investor Protection Fund Page)

Following discrepancies are shown in document (i) of NSE & in document (ii) of KSBL:-
Shares of Ansal Buildwell Ltd are not mentioned at all which will be 4500 Nos in total.In document (i) i.e. in Holding Statement it is shown as DP = 1260 Nos. + BEN = 3240, Total = 4500 Nos.However total 4500 nos is correct.
Karvy’s holding statement shows D B Reality shares in Demat Account (DP) = 4000 Nos & KSK Energy Ventures =34302 Nos.But document (ii) of NSE shows 1000 Nos & 25000 Nos respectively.
Karvy is to clarify as mentioned in 2nd row of document (ii) “No trades found for 115000 shares of KSK
ENERGY, 310 shares of SARLAPOLY - SARLA PERFORMANCE as per trade data.”
Karvy is to clarify as mentioned in 5 th row of document (ii) “Net receivable position for SARLAPOLY is
11525 shares (out of 12200 shares claimed) hence 675 shares of SARLAPOLY are considered to be inadmissible

(iii)Consolidated Ledger Statement, E-Mail Ref : [From: Amritlal Dutta/BROKING/Kolkata/Business on Tue, 09 Feb 2021 10:55:29 ]
This document is attached in the form of jpg photos in “Add Photos/Videos”section of this Complaint Registration Form named as CLSP1 to CLSP12 (CLSP = Consolidated Ledger Statement Page)
Document (iii) shows I have no payment dues reflects in closing balance 0 (zere) in the last row/line of continued photo page no CLSP12.
What is more I had debit balance of INR15964.58 which has been refunded to me and already credited to my Bank Account on 04.04.2020 by KSBL.This debit balance was mainly for dividends of shares of companies. The companies have also declared dividends thereafter whose ex-dividend dates have been over before enough. But though KSBL sent dividends in the year 2020 they have not sent dividend this year.
Studying ledger statement thoroughly it is evident that I am purely an investor I have rarely “sale trade”, I have only piece meal” buy trade” to accumulate shares for long term holding.
(12) My name is Saraswati Karmakar
DP ID : Karvy Stock Broking Ltd (IN300394) :Client Id :15031035, Trading A/c: 1390068, Email id : [protected]@rediffmail.com,

KSBL's website : www.karvyonline.com