NSE Officials Guide Investors on Filing IPF Claims

Moneylife Digital Team 09 December 2020

When the National Stock Exchange (NSE) expelled two brokerage back-to-back—Karvy Stock Brokers Ltd and Anugrah Stock & Broking Ltd—it led to enormous panic among investors.

Their initial complaints were now invalid and new forms had to be filled up to make them eligible for compensation from the investor protection fund (IPF). On seeing the distress and confusion over standard operation procedures (SOP), whether or not bank certificates and auditors’ attestation was required and where to get data, Moneylife Foundation approached NSE to hand-hold investors. The Exchange, to its credit, readily accepted the request.

Moneylife Foundation on Tuesday organised another webinar with officials from the NSE’s Investor Services Cell (ISC). This webinar was led by Nisha Subhash, senior vice president for ISC at NSE and her colleagues Janardhan Gujaran, Gokul Swaminathan and Dinaz Shroff.

The webinar began with a brief presentation and handholding session from Mr Gujaran, who explained in great detail the procedures to be followed by an investor after their broker has been declared a defaulter. Starting with the types of claims an investor can file, Mr Gujaran went step by step and indicated how an investor can easily file a claim under the Investor Protection Fund (IPF).

“The most important step for investors of Karvy and Anugrah at this stage, is to take note of their current standing and prepare a manual ledger, which needs to be submitted when filing a claim under the Investor Protection Fund. So, anyone who is looking at filing a claim should first take stock of their securities and trades, then prepare a detailed ledger which can support your claim,” explained Ms Subhash after the brief presentation.

Moneylife Foundation had also collated some queries from the investors on the Telegram groups and had shared them with the officials from NSE in advance, with the hope that the team would able to prepare and answer the same during the webinar. Ms Subhash and her team, spent a considerable amount of time in addressing these queries and also took the time to answer questions from the participants in the webinar.

Though not all questions could be addressed due to time constraints, many critical ones were answered and those interested can refer to the recorded video on Moneylife Foundation’s YouTube channel, YouTube.com/MoneylifeTV.

A video recording of the session is available on our YouTube Channel and can be viewed below:

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Comments

User

raj2910

4 years ago

Sir, I have been duped by Karvy Stock Broking Limited in 4 accounts in my name and my family members. In my trading account number 4143012 in the name of Rajesh GandhiKarvy has not transferred 9550 shares of Kiri Industries Limited to my Demat Account despite several failed timelines. In another account number 4143014 in the name of my son, Aakaar Gandhi Karvy has not transferred 1100 shares of Kiri Industries Limited to the Demat account. In yet another account number 4143493 in the name of my daughter, Aastha Gandhi an amount of Rs. 80410/- has not been transferred to the bank account. In yet another account number 4143011 in the name of my wife, Taruna Gandhi, 323 shares of MEP Infra have not been transferred to the Demat account. Kindly help.

nahatarp

4 years ago

I hold infra bond and gold sovereign bond in demat Account with Karvy, how to transfer them to other DP. I have filled written complaint to Karvy but no response.

pankajnsanghvi

4 years ago

Hello sir. My Name is Pankaj Sanghvi from Mumbai. Pls help us to guide how to get our funds back from Karvy . We have 3 accounts at Karvy in Andheri Branch. No one is reverting even Manager . We ve written a complaint letter to Karvy headoffice Hyderabad. Since no revert from them. Pls help us to get all our funds back. Need ur Support.

Sanjay Patil

4 years ago

by when it\'s available on YouTube , I have one query if investors holding stock in broker pool account how it will settle NSE saying it paid based on buying price , how it\'s possible how what is use