Will return money by Wed: Exec

Hyderabad: An investor who knocked on the doors of Karvy’s office at Nanakramguda on Saturday morning was reassured by an executive of the company that “by Wednesday, people should be getting back their money.” Karvy offices are generally shut on Saturdays of every month but on November 23, two executives were seated at the front desk on a holiday to attend to jittery investors who might turn up seeking answers from the company following the Sebi order.While there was not any crowd, a couple of investors did turn up enquiring about their money.
Hardeep Pannu, partner at a financial advisory firm, eFinserve, said “Our clients use some of the other Karvy financial services such as mutual funds and portfolio management services where Karvy is the beholder of data. Now the investors are wary that what happened at Karvy Stock Broking can happen at other group companies as well. They will have to assure clients about what kind of risk management control systems they have in place to safeguard other verticals.”
A sub-broker with Karvy, who has over 60 investors, said even his clients have been facing payout issues since last month. “There is no way all this could take place without the knowledge of operations head. But I am hopeful that investors money will not be lost as the regulations are so stringent that the company will have to pay up eventually.”
Meanwhile, Karvy Group CMD C Parthasarathy has reached out to the employees and said: In view of the negative coverage by the press, I would request all of you to talk to our clients, and explain to them that it will be business as usual at Karvy Stock Broking and all other Karvy group companies and businesses.