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 laid down eligibility criteria.
In accordance with the above, IIFL Securities had participated in the formal bidding process for transfer of demat accounts held by Karvy.