How to claim my fund from Karvy after NSE declare broker as defaulter?

NSE and BSE both the stock exchanges have declared Karvy Stock Broking as a defaulter. Now investors are worried about their money. Here is the process on how to claim refunds from Karvy.

Investors have 90 days window to file their claim with the exchange and the last date to fill the claim is Feb 22^nd, 2021.

• Download the form for a claim against an Expelled / defaulter member. In this case it is Karvy Stock Broking.
• Download the sample form for this claim application.

Guidelines from NSE to an investor in case of Broker Expulsion/Default

• NSE has set up a statutory Committee known as the Defaulters' Committee to administer the assets in respect of the defaulters /expelled trading members in NSE. The Defaulters' Committee calls in and realizes the security deposits in any form, margin money, other amounts lying to the credit of and securities deposited by the defaulter and recover all money, securities, and other assets due, payable, or deliverable to the defaulter by any other trading member.
• The Defaulters' Committee distributes the amount available in the defaulter's account to the admitted claims on a pro-rata basis as per the priority laid out under NSE Rules / Regulations / Bye-Laws.
• In case the funds in Defaulters' account are insufficient to meet the admitted value of claims, compensation is paid from the Investor Protection Fund, based on the recommendations of the Defaulters' Committee up to a maximum of Rs. 25 lakhs per investor subject to an overall limit per defaulter / expelled member.
• Investors having claims against the Defaulter/Expelled Trading Member is required to register a claim within 3 months from the date of the Public Notice.

The process to claim Investor's fund on NSE Website

• Go to the NSE's website:www.nseindia.com to register complaints in electronic format.
• Access the Menu as follows:- Home> Domestic Investors > Complaints > Register an e-complaint
• Fill in the relevant details.
• Attach the documents as asked in the complaint form and submit them.
• Ensure to enter valid email id and mobile number. This is required for NSE to get in touch with you.
• On successful registration, you will receive an email on your registered email address with the details of user id and password.
• Save this E-mail. It is needed for filing new complaints, tracking complaint status and updating responses to queries raised and uploading documents.