Hyderabad: Karvy group says it has completed payouts of those who complained to Sebi, PMO on social media

HYDERABAD: The Hyderabad-based financial services provider Karvy Group on Monday issued a statement that on Saturday and Sunday, it received 53 posts on the Karvy Stock Broking Twitter handle and on an analysis, it found that these actually pertain to 11 customers. “We have checked, and we confirm that payments to all of them have been made,” it said. Despite this statement, many investors are still unhappy.
Over the weekend, many investors had aired their grievances about the delay in payouts on social media.The company reportedly has been facing financial crunch and have been delaying in making payouts because of heavy losses incurred by some of its clients in castor derivatives.
Karvy in a statement had said that the exposure that its clients have had in the castor seeds is not much, and most amounts have been collected, and settled from the clients. “The amount yet to be collected is around Rs 5 crore, and for the Karvy group, this is not a significant amount. We are confident of recovery of this amount too.”
It said that Karvy Stock Broking has over one million customers, and approximately 25,000 – 30,000 customer deal with the company on a daily basis. The company executes over 200,000 trades/transactions everyday on behalf of their customers.
While the stock broking firm said it has been reaching out to other investors, many on Monday also continued to share their woes on social media. “I am client of Karvy. code S05000022. I have put all my money with karvy and now i am crying for payout and no one responding. Govt/ Govt institutions will act when they will loot and go away with investors wealth an investor tweeted on Monday.
“It’s over 4 weeks. I've not received the payout. The amount around 2.8 lakhs. As I am a senior citizen this is causing me a lot of stress and affecting my health very seriously. KARVY customer care is pathetic. There is no response to any of my emails & calls,” tweeted N Baig.