Bombay HC asks for valuation of Karvy accounts
Synopsis
IIFL Securities had won the bid to acquire the 11 lakh demat accounts held by Karvy. Axis Securities emerged as the successful bidder for Karvy’s trading accounts. This was the first time depositories separately sold trading and demat accounts. Exchanges had terminated the membership of Karvy amid allegations the brokerage had misused clients’ securities and funds.
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