Oct 17, 2006 09:24 PM
15893 Views
Hi,
This is a true experience I had by dealing with Karvy Stock Broaking Ltd.
I had purchased shares of RPL with 3/4th amount paid first and the balance to be paid after the allotment.
After few weeks I found that I had RPL shares in my account, this was informed to me by phone.
To my surprise when I was approached to know the status (after few weeks)... I got to know from them that the shares are in "partially paid condition" (PP) against my account and I cant sell them.
I asked explanation as to why I did not get any notice to pay the balance amount? They explained it was sent.!!! I tried to trace from post office. but that went with no success.
I was said to contact some person named Mr Ravi in their head branch to get a duplicate notice! I called him, he informed me to write a mail to some id (@karvy.com) well I did that.
I did not hear for atleast two weeks even after writing repeated mails and calling the person. I was informed that the person has been travelling to Hyderabad and is not available! What a S#$@
I reported this situation to Indiranagar branch. Wow! I thought my problem was solved as the lady over the phone (from indiranagar branch of Karvy) informed me that we will call the Hyd office and let me know. she told me that she wil get back to me (til date not even heard from her). She was prompt in asking my phone number and my DP ID the amount of shares I hold etc etc... (but only God knows what kind of data base they maintain for such complaints!)
Finally, I went to their office (indirangara branch) I was informed that the concerned person Mr. Keshav is not there. It seems in morning office time he goes for a walking! well I waited. Till then, I talked to the lady who told me that she will get back to me.. Hell, I had to explain the whole story again to her. and for god sake she was writing my details (phone no, dp id, my concern on a waste paper!!!).
Finally some how I caught hold of the guy (Mr. Keshav). I asked the procedure to pay the balance amount. He talked to some one on phone (Blah Blah Blah!!!). Then he informed me that already the last date to pay the balance amount is over, and I have to write a letter to RPL for the same and give a cheque of Rs. 4200/- (approx I dont remember the fig exactly now I have already paid 1500/- before) addressing to their HYD branch!!!. And I must post this letter myself along with the Cheque!
I was told within 15 days I will know the status.
- I found a courier center and posted both cheque and the letter to the said address (as told by Mr. Keshav).
11.After 15 days still my account showed the status is same. I checked my bank details. Alas! the cheque I gave is passed! but where the hell my money gone? I questioned him. He said.. he will get back to me...
- the days went on.. by this time I was very frustrated and I enevtually gave up calling these guys.
I convinced myself - this is a lesson to learn. any my dear friends I suggest you to be careful if you are dealing with them, now... if you are thinking of opening a new account with Karvy then think 1000 times! I will never ever recommend any of my friends to use services from Karvy.
Hope this information helps you .....
It has been six months now that - I am soiling my sole to get my money back!!!
Regards,
Vijay
