Investors complain to govt as Karvy delays broking payouts
Concerns are being raised about the financial problems at Karvy after several investors have complained that payouts by the broking firm are being delayed.
 
Investors across the country have complained on social media to the Prime Minister's Office, (PMO), Finance Ministry and markets regulator, and SEBI, seeking their payouts.
 
Reports suggest that Karvy is facing a liquidity crunch due to a number of bad client trades on castor seeds. The Hyderabad based-financial services group is facing liquidity problems as some clients have defaulted on payments after incurring huge losses on trades in castor seed contracts. The payments contagion now seems to have spread to other investors who are complaining that Karvy is not making the payments.
 
Dipak Mundra said in a tweet on Karvy Stock and karvyFintech handle, "Despite requesting transfer of existing funds from my trading account (payout), why it is not being done on the pretext that there are server issues."
 
"@KarvyStock Even after placing request for payout of funds why it is not being transferred to my bank a/c. Every time I have placed request, it is being stated that there is a server problem. How can the same excuse be cited everytime? Is there something seriously wrong with Karvy," he said.
 
Another investor too has complained about Karvy not giving the payments. Bindiya Shah from Pune said in a tweet "@SEBI_India @KarvyStock this is really disheartening for every customer for karvy as they hv broken our trust my id is 681093 n im from pune hv made several payout request bt none hv been successful is karvy facing sum serious issues pls help."
 
Another complaint from the twitter handle MKR said, "@FinMinIndia M/s Karvy stock broking is not paying my payout request. I am trying last 20 days. Now neither they are responding nor they are paying. This is my money. Thanks."
 
Gitesh Yeole has also complained to PMO and Finance Ministry on Karvy. "@KarvyStock @FinMinIndia @PMOIndia on 8th Nov and 12th Nov I have put payout request for my trading code 435702. Till today I have not received it. I have called customer care and RM 100 times but no action..What's going on India after BMA now it is Karvy on the same way."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    User 

    COMMENTS

    Siva Prasad

    8 months ago

    my DP id 1301440000855493 I gave Despatch instuctions to Karvey office at bilaspur C.G for share transfer to my new acctount vide D.i 2258718 dtd.06.01.2020 but not transfer my share in my new acctount please do some thing.

    Dillip Swain

    10 months ago

    wealth destructer broker of India.

    Sudhir Rao

    10 months ago

    This liquiidity problem apart, as a RTA agent for companies, it is failing in its duties. It raises unrelated queries and abnormally delays Submitted documents are called for 2 times, three times, perhaps to delay the handling.

    Ramesh Poapt

    10 months ago

    another collapse multiplier?!

    PFRDA allows OCI to enrol in pension scheme

    The Pension Fund Regulatory and Development Authority (PFRDA) has now permitted Overseas Citizen of India (OCI) to enrol in the National Pension Scheme (NPS) at par with Non-Resident Indians.

    The Government has specified that an OCI may subscribe to the National Pension System governed and administered by the PFRDA, provided such person is eligible to invest as per the provisions of the PFRDA Act and the annuity/accumulated saving will be repatriable, subject to the FEMA guidelines, the Finance Ministry said.

    Contributions made towards the NPS are eligible for an additional tax deduction under section 80CCD(1B) up to Rs 50,000 which is over and above the Rs 1,50,000 limit of deduction available under section 80CCD(1).

    In the Union Budget 2019, the tax exemption limit for lump sum withdrawal on exit/maturity from the NPS has been increased from the present 40 per cent to 60 per cent under section 10(12A) of the IT Act and the remaining 40 per cent of the corpus is already tax-exempt as it is mandatorily utilised for annuity purchase.

    The PFRDA is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the NPS and the pension schemes to which this Act applies.

    The NPS was initially notified for Central government employees joining service on or after 1st January, 2004 and subsequently adopted by almost all State Governments for its employees. The NPS was extended to all citizens of India on a voluntary basis from May 2009 and to corporates in December 2011 and to Non-Resident Indians in October 2015.

    As on October 26, 2019, the total number of subscribers under the NPS and Atal Pension Yojana has crossed 3.18 crores and the Asset under Management (AUM) has grown to Rs 3,79,758 crores. More than 66 lakh government employees have been enrolled under the NPS and 19.2 lakh subscribers have subscribed to the NPS in the private sector with 6,812 entities registered as corporations.

    The PFRDA in its endeavour to promote and develop the NPS has taken several initiatives towards increasing the pension coverage in the country. Now, any Indian citizen, resident or non-resident and OCIs are eligible to join the NPS till the age of 65 years.

    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

  • User 

    COMMENTS

    Ritesh Kumar Singh

    11 months ago

    subsequently adopted by almost all State Governments for its employees !!!!
    Which State Government is not part of this then?
    Thanks

    BSE suspends Fairwealth Securities from cash equity segment
    The Bombay Stock Exchange (BSE) has suspended the trading terminals of Fairwealth Securities Ltd from the cash equity segment as the directors of the company are neither reachable or contactable and the company has also not provided data to the bourse, a stock exchange announcement said on Monday.
     
    The BSE has also placed Fairwealth's terminals in equity derivatives, currency derivatives and commodity derivatives under the risk reduction mode (RRM).
     
    "Trading members of the exchange are hereby informed that trading terminals of Fairwealth Securities Ltd has been deactivated in cash equity segment and have placed them in RRM in equity derivatives, currency derivatives and commodity derivatives, with effect from October 3, 2019, as the directors are not contactable and the trading member is also not providing the data to exchange," according to the BSE notification.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User 

    COMMENTS

    Renu Goyal

    10 months ago

    Pls contact me on [email protected]

    dharmesh yadav

    11 months ago

    I am in the same situation also. no one in picking up the phone. No clearity..

    REPLY

    Renu Goyal

    In Reply to dharmesh yadav 10 months ago

    My no is 7082654755 i am also victim kindly call

    Sanjay Kanchan Prajapat

    11 months ago

    If one has shares in pool account of Fairwealth and also cash in the demat account, what can be done to release those shares and cash from the broker?

    REPLY

    Adithya Ganesh

    In Reply to Sanjay Kanchan Prajapat 11 months ago

    Please ping me, i'm in the same situation as yours. Email : [email protected].

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