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Karvy Stock Broking Ltd started in 1990 and is a part of Karvy Group it is amongst India’s leading financial services ventures and basically deals with stockbroking and stock advisory services.
Karvy offers execution service and expert financial advice to corporate, institutions and individual investors through its online and offline mode of communications.
Trading and Demat services include all the segments of the market like Equities, Derivatives, Currency or invest in IPOs, Mutual funds or NCDs at a single online platform.
This Hyderabad based firm has got state of the art platform and technology to support its clients and along with the basic services it provides some very interesting additional reports and magazines like a magazine, Fina polis, weekly e-newsletter Karvy Bazaar Baatein.
Fundamental research of Karvy experts also supports the market traders to stay updated with the correct market trend which helps a lot in understating and modifying trading and investment strategies.
Portfolio management services help clients to get good returns from the market in short- and long-term trading and investment and an online trading platform maintain transparency for the satisfaction of the clients.
Karvy Demat Account Opening Process
Demat account is necessary for trading in shares or commodities, opening an account. And no doubt there are plenty of brokerage firms with whom one can open Demat account, and each one is not worth your time, money or efforts.
A free mutual fund account is a great feature with the Karvy Stock Broking Trading & Demat account. While opening a new Demat account there is a choice to include commodity trading account as an option.
Whereas there are wide all the main segments of the stock market are covered in the account like equity, equity derivatives, commodities, currency derivatives and investment options in mutual funds.
Online Demat Account opening process
Following are the steps:
- Visit Karvy website
- You need to click on the login link at the right top to proceed and select open an account.
- Initially, you need to apply by filling your basic details like Name, Email, Mobile, Location.
- You are contacted via mobile and Email and directed to follow the process.
- You need to enter your PAN number and Aadhar Number, Do Aadhar verification, provide your nominee information,
- Complete KYC proves via skype or WhatsApp calling facility.
- After KYC completion, one needs to do e-Sign using your Aadhar verification.
- One needs a digital copy of Aadhar card, PAN card, Bank a/c Statement, Personal Cheque, Photo and Signature on white paper. With this, one can open his/her trading and Demat account immediately with Karvy Stock Broking firm.
You can also open an offline account with the help of a Karvy representative, but that will be a long process one must proceed with the online aforesaid process to save time and efforts.
Karvy Demat Account Charges
- Charges for an opening trading account (One Time): Rs.0
- Charges for annual maintenance (AMC): Rs.0
- Charges for Demat account opening (One Time): Rs.0
- Charges for Demat account annual maintenance (AMC): Rs.500 (Rs.0 for 1st year)
How Long Does It Take to Open a Karvy Demat Account?
Initially account opening application needs to be submitted to Karvy once the documentation part is complete and correctly submitted it might take a minimum of 2 working days to complete the account opening process but a free Demat account can be availed for trial in just 15 min via online easy KYC process.
After the application submission, a welcome email is received which contains login credentials. Once you receive your account details, you can use it for Karvy Demat account login purposes.
In case the email is not received from Karvy in the expected time, their customer care team can be contacted for further support and guidance.
Transferring Shares from One Demat Account to Another One
- There are 2 ways technically to transfer shares from one Karvy Demat Account to any other Demat account. In case of manual transfer of shares, one can ask for Delivery Instruction Slip from the broker by contacting the nearest branch office.
- After filling up the slip the same can be submitted to the broker to proceed for the transfer of shares.
- It might take approx. 3-5 working days to transfer the shares from an existing account to the desired one. The current broker might apply some charges for this process of transfer, and the rates vary from one broker to another.
Karvy Demat Account Closing Process
There is a facility that an investor can hold a maximum of 5 Demat accounts while operating any one account the remaining ones become dormant and annual maintenance charges incur in the remaining accounts.
In such condition, investors might thing of closing the accounts.
Opening a Demat account online is a very easy process with the help of different user-friendly websites, but closing the same account is a very lengthy process and requires offline document submission and multi-level internal no dues checks in the back office.
Types of Karvy Demat Account Closure
Case 1: Account Closure
Closure request with Karvy can easily be raised if there is no holding and all the payments have been settled. Following are the steps to close the account:
- Download the closure form or collect the same from the office.
- Submit the duly filled and signed form to the nearest branch office.
- Or otherwise, the same form can be sent to HO also.
Case 2: Transfer and Account Closure
If all the payments have been settled and Demat account holds securities and securities need to be transferred before closing the account, the following are the steps:
- Collect the closure form
- Duly-fill Delivery Instruction Slip (DIS) to get the securities transferred to another Account
- Obtain original (CML) Client Master List (Target DP) with the logo, stamp, and signature
- Submit all documents at the nearest branch
- Alternatively, send duly filled and signed documents to the HO.
- Upon submitting all the required documents, the account might be closed within 5 working days.
Read Also: Sharekhan Vs Karvy – Comparative Study
Karvy Demat Account Pros & Cons
- The Karvy stands as the most reliable stockbroking firm which facilitates one of the most efficient online trading platforms. It offers all the necessary reports which cover fundamental reports, research reports, company reports, annual reports, company stock review, IPO reports, weekly reports, and monthly reports.
- Karvy is not a discount brokerage firm and sometimes customer support is not satisfactory and expectedly prompt and as of now, the firm has been suspended by NSE and BSE from taking new clients and executing new orders.
A lot of factors work for Karvy benefits such as highly efficient online trading platform and live prices, it also provides one of the highest margin exposures, low brokerage costs and attractive earning options for the users.
Karvy is inarguably one of the best Full-Service brokerage firms in India.
Hyderabad based firm gives some tough competition to other brokerage firms located in bigger cities and having more technical support and manpower at their disposal.
And of course, the Karvy Demat account processes for account opening and closing are very easy and less time taking.
Karvy Demat Account FAQs
1. Definition of POA and its significance?
Power of Attorney (POA): In case of selling the shares from the Demat account or when shares are being pledged, a specific POA is required for the broker to debit these shares from your Demat account.
For authorization, the broker needs POA to debit shares from Demat when the client sells. Traditionally (offline method), a broker requires a delivery instruction slip (DIS slip) form from the client to debit shares from his Demat.
2. Different Karvy Trading Platforms?
There are following 3 types of Karvy Trading Platforms
1. Karvy Nest Trader
Nowadays every investor and trader is friendly with computer desktops and laptops. Karvy Nest Trader is a desktop application which very uses friendly and convenient to use over desktop. It has all the data options and tools to help the traders for flawless trading experience. All the advance charting options and easy to use order placing are the points of attraction over this platform. It is a very convenient and secure way of trading activities.
2. Karvy Online Web
It is a web-based trading platform that performs excellently on low bandwidth. All the features required to make trading a pleasant experience like real-time data update trade book, place modify and cancel order options are available on this platform. Its technology makes it so dynamic that it can be easily operated over tablets mobiles or laptops. It’s very secure and protected by passwords in such a way that it needs to change from time to time with the help of OTP verification.
3. Karvy Online Mobile Trading App
This app has made trading completely convenient for investors and traders. Karvy Online Mobile Trading App is a mobile platform that provides facility to the traders to execute trades on the move as well as access stock market news, currencies, commodities, quotes of NSE & BSE, etc.
3. How can I contact the Karvy customer support team?
Live chat named “Smart Bull is here” section of Karvy contains some of the important information that you might be looking for regarding trading, their pricing structure, funds withdrawal, and transfer and so on.
There are several ways using which you can contact the support team which includes phone, email, live chat, toll-free number and visiting their offline branches.
4. What is Karvy Refer & Earn feature?
Karvy has got a very lucrative refer and earn program which gives an additional income opportunity to the traders. Just formulate a referral link by visiting the Karvy refer and earn.
refer new members using above mentioned link and earn INR 300/- referral +20% brokerage generated by referral. The commission accrued amount is directly deposited into the bank account of the trader who earned it.
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Stockquantum was founded by Dharmendra Mukati in 2018. I am a Trader and Investor in the last 10 years.
I am writing here about stock broker review, broker comparison, IPO investment, Crypto currencies, technical analysis, fundamental analysis, sub brokership, mutual fund, personal finance, and our experiences.