Karvy — payout delayed | |||
I initiated a payout last week nov 5th 2019 for an amount of 56000 rs from my karvy account client id 4172567. But it has not been credited to my bank account yet. Please expedite the process and credit the amount of 56000 payout requested. I am in dire need of this money. So please credit the money as early as possible. Seeing the number of complaints raised here i am very concerned. Please credit the amount as soon as possible. Was this information helpful? | |||
|
Karvy customer support has been notified about the posted complaint. Verified Support Nov 15, 2019 Karvy Customer Care's response Dear Sir/Madam, We regret the inconvenience caused. We will resolve it at the earliest. Team Karvy | |||
 2 Comments | |||
Comments
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.
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.
Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
a company is at responding and resolving complaints by granting from 1 to 5 stars for each
complaint and then ultimately combining them all for an overall score.
Read more
Read more
74%
Complaints
1669
Pending
0
Resolved
1230
View all 1669 Karvy reviews & complaints
+91 40 2331 2454
Karvy House, No. 46, 8-2-609/K, Avenue 4, Street No. 1 Banjara Hills, Hyderabad, Andhra Pradesh, India - 500034
View all Karvy contact information
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.