Karvy Complaints & Reviews

Karvy is not transferring shares lying in pool account since long.
My client ID is 290527.

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.

@Abhisek Patra

please check your holding statement and demant holding statement .
If your shares in pool account then you will not get divided .
its illegal to keep our share in pool account

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 my client Id is 369653. I haven't received payout from last one and half month. If you are having liquidity issues you need to sort out. Why holding our money. We have emergencies that's why we sell stock

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 the balance shares in pool account .i called several times
they are not transferring to my demat account .dont know what to do.

I sell my cpse etf share berore 15 days ad on[protected] but not credit payment in bank account i call to karvy office rajkot he call me funding problom in above HO please release my payment with 18 % interest, my code 1052817
and second code 1053701
please do needfull emeregency basis
mo [protected]
rajkot, gujrat, india

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.

Karvy not making payouts

I have process payout from my demat to bank bank one week before but still not received money in my bank account and i have raised the complain to [protected]@karvy.com but not received any response. My i know why you not pay me my money??

I'm also facing the same issue brother... they are making fake promises every as had not received my 2 months of pending salary from 6 months after resignation

KARVY BPO located at Vijayawada (guntupalli). From the month of march all employees salary are not credited...Now all the employees are in 30 days resignation.. we will be signout on 30th june...our 4 months of salary will be delayed...so plz enquiry and solve this problem as soon as possible

I want to withdraw my amount but payout request is not complete so please payout my amount otherwise i complaint against karvy on consumer court and sebi

Again I'm raising a complaint with reference to my previous complaint as there is no response from the company as they had not yet credited my 2 months salary... and my employee id is 1021625 and mobile number is [protected]

I'm also facing same issue. they really have a bogus service, even not responding on my mail.

Client Code: a45034233 Account: [protected]

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.

Sebi bans Karvy for Rs 2, 000 crore client defaults

MUMBAI: The Securities and Exchange Board of India (Sebi) banned Karvy Stock Broking Ltd (KSBL) over client defaults worth Rs 2, 000 crore with immediate effect. It’s been banned from taking on new clients and executing trades for existing customers.

This follows an investigation by the National Stock Exchange (NSE) which found that Karvy had allegedly sold client stocks pledged with it through associated entities. The regulator has told depositories not to act upon any instructions by ..

Read more at:
//economictimes.indiatimes.com/articleshow/72193703.cms?utm_source=contentofinte...⇄

I think karvy has swindled the money and they have left nothing to pay. Karvy should go for liquidation and face the law of land. Stop this delay and foolish tactics.

If karvy can't make a payout for 50000 rs, 100000rs, .how comes they will seatle big amounts. I also invested in stocks through karvy really I am afraid. I think to transfer my share to other broker firm.

They are not making payout for even 10000rs.

Employees salary is pending for more than 4 months.

Too many issues.

I am too thinking about transferring my shares in Karvy. I thought SEBI rules said shares have to be credited to the client's demat account T+2 days. But to date, they're holding all my shares in their pool account and have not transferred it to my demat account. Dividends also they put only in ledger, not in my bank account. Why? Raises a lot of doubts.

If I give a share transfer request, will they transfer the shares or just debit the shares from our account and not do any transfer, but just withhold them illegally without any response or answer like they are doing with the fund payout. Really scary.

I am beginning to think I made a mistake by investing in Karvy thinking that its a big company. Big facepalm for me.