To start with My Father had an trading A/c with one of the franchise of Karvy SBL in bokaro a decade ago.
Since most pf their franchise got shut post 2008 and Karvy itself did not bother to save its value chain it was obvious that business engagement of ours got reduced to zero.Well zero does not mean that we dint had any holding left in karvy’s DMAT A/c.
Last year my father wanted to withdraw his holdings and went to their State office in Ranchi(commercial tower) and provided all required documents and cheque which was usked from him by the Ranchi office holder, Almost a month passed and we did not hear any positive development from Karvy’s center.
Dad’s followup continued with the center for next 6 month when he came to know that the reactivation application was rejected by Karvy due to some error( unknown reasons).Ranchi center’s person asked my father to submit all documents again and processed the form 2nd time, the result was same that application got rejected.
My father asked me to check with Karvy as he was not provided with any comprehensive answer by Ranchi center’s person.
So I called Karvy helpline to short the issues to which I came to know that applications which got rejected was because THE APPLICATION WAS NOT SUBMITTED TO THE CENTER WHICH OWNED THE A/C in this case KARVY wanted us to submit application for A/c reactivation to the closed Bokaro franchise.
To Map existing trading A/c to Ranchi center their customer service wanted approval of Karvy’s FORTUNE HEAD and they left me to arrange it on my own.
Dad have registered his complaint through his registered email id on their website to which their 48 hrs standard reply time has crossed 24 hrs ago.
These guys are so notorious and irresponsible that only they can beat their own standards.
However Harassing a senior citizen may well be covered in their organizations ethical customers policy.
Ideally in today’s connected world if a company is still working with old systems and do not have any lean processes it will soon see the effects in their bottom line, eroding value chain and customer base.
Wish this unprofessional people all the best for their future.and please do not become KARVY’s stock broking customer.
Regards
Neel Kamal Prasad