Axis Securities Ltd has come up as the victorious bidder for trading accounts or broking accounts hosted by Karvy with NSE, BSE, and MSE.
Axis Securities said in a statement, “The said transfer of trading accounts is subject to the remittance of the bid amount and submission of the necessary documents in relation thereto.”
“Once the process is complete, the customer base of Axis Securities will surge from 2.5 million to over 3.6 million,” they added.
The NSE, BSE, and Metropolitan Stock Exchange (MSE) issued a circular on 6th February 2021, to transfer the Trading and the Demat accounts held by Karvy Stock Broking Limited (Karvy) to another Member or Participant via a formal bidding process according to laid down eligibility criteria. Axis Securities Limited which is a subsidiary of Axis Bank had engaged in the formal bidding process as per the circular.
As the details have not yet been announced, the transfer will help broking clients of Karvy to carry on access to the securities market.
They will be able to take the benefit of the strong trading platform of Axis Securities Limited (ASL) and utilize different products and services presently enjoyed by around 2.5 million ASL customers