IIFL Securities Ltd: A good sign for 11 lakh frozen Karvy demat account holders

IIFL Securities Ltd, a prominent broking and advisory company in India, declared today that 11 lakh frozen Karvy demat account holders can now trade or invest on its portal. The authoritative bid to obtain all demat accounts maintained by Karvy Stock Broking with National Securities Depository Ltd and Central Depository Services Ltd has been won by IIFL Securities. The AUM for Karvy's 11 lakh demat accounts is Rs 3 lakh crore. The bidding procedure, which started in early February, has reportedly marked the end to the plight of 11 lakh investors whose accounts have been frozen for more than a year. Sandeep Bhardwaj, CEO, IIFL Securities' Retail Unit, commented on the victory that "It gives me immense pleasure to welcome all Karvy account holders. Now their accounts are officially unfrozen and they can start trading or investing with IIFL Securities. As a goodwill gesture, we have waived the first year Annual Maintenance Contract charges on your account. Also, trading for the first 30 days through IIFL Markets mobile is free."

To accelerate the re-starting of Karvy demat accounts, IIFL Securities has set up a dedicated online website (https://www.indiainfoline.com/wecarekarvy/) and a dedicated phone number (022-40075000). After Zerodha and Upstox, IIFL Securities will become India's third largest broker in terms of demat accounts, according to the firm.

IIFL Securities Limited, formerly India Infoline Limited, is among India's largest independent full-service retail and institutional broking firm, as well as a prominent investment advisory firm, offering a wide range of financial services and products. It has supported over 2.4 million customers across a network of over 2,500 points of presence serving branches and business partners in over 500 cities in India since inception in 1996 and as of March 31, 2020. For the three months ended December 2020, IIFL Securities recorded a 9% rise in profit after tax of Rs 50.59 crore. In the year-ago period, the firm made a profit after tax (PAT) of Rs 46.48 crore, according to IIFL Securities in a regulatory filing to the BSE. Total income increased by 2% to Rs 214.98 crore from Rs 210.22 crore for Q3 FY21.