Karvy stock broking company-cash withdrawal dispute!
sachin
(Querist) 13 June 2010
This query is : Resolved
Respected sir,
on 11-06-2010 I had sent an cash withdrawal E-mail request to karvy broking company for 2500rs withdrawal to my HDFC account.
In the email I clearly mentioned the HDFC bank account.
But they are transfered the 2500rs to my Axis Bank account.
But my axis bank account is inactive and not operated from 2 years.I can't even access single rupee from that axis account.In other words I do not have any privileges ,relation,rights and control over that axis bank account.
And still I did not received any response from karvy.
So,Kindly I requesting to guide me in order to claim my 2500rs amount.
Thanking you.
Devajyoti Barman
(Expert) 13 June 2010
Since the amount is not much you are advised to file a complaint before the Consumer Forum. Raising Arbitration clause with the NSE/BSE will not be cost effective. But before that you make a written complaint to Karvy to return the said amount stating the reasons behind it.
mahendrakumar
(Expert) 14 June 2010
are you sure that you had given instructions to transfer the amount to HDFC bank?
then how come the karvy know about your Axis Bank a/c?
there is a possibility that you might have given both these banks a/c no for online transaction with Karvy,and you might have erroneously pressed the AxisBank' name.
Daksh
(Expert) 14 June 2010
Dear Sachin,
You have not mentioned as if your HDFC account is linked to Karvy or not. Being a depository usually as per contractual requirement the DP forwards the money to the linked account (which presumably as you have stated is inactive). You may now issue fresh instructions clarifying your stand and on Karvy's written representation the money can be re routed. Contact Karvy's customer care deptt. in this regard.
Best Regards
Daksh
sachin
(Querist) 14 June 2010
Respected sir,
thank you so much!.
The E-mail request that I sent to karvy for cash withdrawal is as follows
"kindly I requesting to transfer cash of 2500rs from my karvy account to my HDFC bank account."
at the beginning,only axis bank account was linked to my karvy account.
Later In january -2009 I given written application to karvy about to link my HDFC account to my karvy account.
as per the given written application,my HDFC account is linked to my karvy account.
So,from january 2009 onwards I doing all my cash transcation through HDFC account only include cash withdrawal.for this I have a witness of my HDFC account statements!.
So,from january- 2009 onwards I suspended doing transcation through axis bank and thus my axis bank becomes inactive and eventually almost axis account closed,that means zero balance in the account.
In the sent email,I clearly mentioned the name of the bank account that is 'HDFC' .
That means through E-mail, I clearly given instruction to them about the bank account to which cash withdrawal has to be made.
Thanking you!
mahendrakumar
(Expert) 15 June 2010
in view of the above,karvy should refund the amount to you.
what does Karvy say now?
being a brokerage firm,they could easily,revert back the amount erroneously credited at your axis bank a/c?
Uma parameswaran
(Expert) 16 June 2010
Give a letter to the Karvy and to their head office.If they reluctant send legal notice and take the matter before Court.
sachin
(Querist) 18 June 2010
Respected sir,
Thank you so much!
I given letter to karvy and Due to much pressure that I kept on them,they finally admitted and credited the amount to my HDFC bank account.
Thanking you! .
