Brokerage firms IIFL Securities and Axis Securities will acquire the accounts of Karvy Stock Broking after winning the bids conducted by exchanges and depositories. While IIFL will get the demat accounts of Karvy with depositories NSDL and CDSL, Axis Securities will obtain the trading or broking accounts. “IIFL Securities Ltd has emerged as the successful bidder for demat accounts held by Karvy with NSDL and CDSL. “Once the process is complete, the customer base of Axis Securities will surge from 2.5 million to over 3.6 million," a statement by Axis Securities said, adding that the transfer will help Karvy’s broking clients to continue with the access to securities market and have the benefits of Axis Securities’ trading platform. Karvy had misused power of attorneys from its clients to facilitate unauthorized transfer of clients’ securities to its demat accounts.

Source: Mint February 24, 2021 23:48 UTC