How to close Karvy Demat Account and transfer shares to another broker?

Karvy Stock Broking (KSBL) has been banned by SEBI for client defaults worth around Rs 2,000 cr making it one of the India's largest cases of equity broker default. In an ex-parte interim order, SEBI banned Karvy from not only taking new clients but also from executing trades for current. Now existing clients are left with only option to close Karvy demat and trading account and tranfer current demat holdings to new broker.

To close your Karvy demat account and transfer your shares please follow the steps below:

• Open a new demat & trading account with other reliable broker.
• Fill the demat account closure application from available on Karvy Site.
  • For KARVY CDSL Application for Closing Demat & Trading Account >> Download Form
  • For KARVY NSDL Application for Closing Demat & Trading Account >> Download Form
• Send the filled application form with signed PAN card copt to below address or submit to your local branch office:
Karvy Stock Broking Ltd.,
Karvy House,
46, Avenue 4,
Street No.1,
Banjara Hills,
Hyderabad 500034

Meanwhile you can contact CDSL and/or NSDL with your register email id providing your PAN Information, DOB, Registered phone number and request to confirm your holdings. That way you can make sure what share you are holding with Karvy demat account.