Brokerage firm IIFL Securities on Wednesday said 11 lakh frozen demat account holders of Karvy Stock Broking can now trade or invest on its platform.

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IIFL Securities had won the official bid to acquire all demat accounts held by Karvy Stock Broking with National Securities Depository Ltd and Central Depository Services Ltd.

The asset under management for 11 lakh Karvy demat accounts stands at Rs 3 lakh crore. The bidding process which began in early February has finally ended the ordeal of 11 lakh investors whose account has been frozen for over a year.

"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," said Sandeep Bhardwaj, CEO, Retail, IIFL Securities

IIFL Securities has also waived the first year Annual Maintenance Contract charges on these accounts.

It has created a dedicated web platform (https://www.indiainfoline.com/wecarekarvy/) and dedicated number (022-40075000) for all Karvy demat account holders to facilitate the re-starting of Karvy demat accounts.

IIFL Securities offers investment services across equity, commodities, currency, mutual funds, fixed deposits and other debt products, PMS, and much more.

(Edited by : Jomy)

First Published:Apr 7, 2021 3:25 PM IST