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Allaying the panic of investors, Nitin Ambure, vice president, operations at Central Depository Services Ltd (CDSL) explained to investors of Karvy and Anugrah brokerage firms that the depository would be able to provide the trade data and transfers that are required even if the firms were no longer answering queries.
Recently, Anugrah Stock & Broking Ltd and Karvy Stock Brokers Ltd a large firm that was suspended a year ago have been declared defaulters and expelled. Since then, many investors were traumatised by the fact that their requests to transfer their shares to another depository participant (DP) were falling on deaf years, because the expelled brokerages and their staff were in complete disarray and sometimes not even available.