IIFL Securities up 40% in 2 days on winning bid to acquire Karvy's accounts

IIFL Securities will get 1.11 million demat accounts with custody value of Rs 3.01 trillion as on January 31, 2021, the company said

Shares of IIFL Securities, on Thursday, shot up 17 per cent to hit a record high of Rs 65.60 on the BSE in intra-day, thereby surging 40 per cent in the past two trading days, after the company emerged as the successful bidder for demat accounts held by Karvy with National Securities Depository (NSDL) and Central Depository Services (India) (CDSL).

On February 6, depositories NSDL and CDSL had said that trading as well as demat accounts held by Karvy Stock Broking (Karvy) will be transferred to another member or participant through a formal bidding process on the basis of