IIFL Securities starts activation of 11 lakhs frozen Karvy accounts

MUMBAI: IIFL Securities on Wednesday has activated 11 lakhs frozen Karvy Stock Broking demat accounts. Karvy account holders can now trade or invest on IIFL platform. IIFL Securities has won the official bid to acquire all demat accounts held by Karvy Stock Broking with National Securities Depository and Central Depository Services.

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 lac investors whose account has been frozen for over a year.

IIFL Securities has created a dedicated web platform www.indiainfoline.com/wecarekarvy for all Karvy demat account holders to facilitate the re-activation of demat accounts.


This acquisition will catapult IIFL Securities to India’s third largest broker in terms of demat accounts after Zerodha and Upstox. IIFL Securities. IIFL Securities has over 2.3 million retail customers.

Commenting on the win, Sandeep Bhardwaj, CEO, Retail, IIFL Securities said, “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.”