Explore Now MUMBAI: IIFL Securities has won the bid to acquire nearly 11 lakh demat accounts held by Karvy Stock Broking with assets under management of Rs 3.01 lakh crore in a formal bidding process organised by stock exchanges and depositories. Axis Securities has won the bid to acquire more than 11 lakh trading accounts held by Karvy Stock Broking, according to sources. Shares of IIFL Securities rallied more than 15% to Rs 53.95 on Wednesday after the news of acquisition. After the acquisition of Karvy accounts, IIFL Securities the combined accounts will become 13.83 lakhs, the 3rd largest broker India after Zerodha, Upstox. IIFL Securities is likely to pay close to Rs 140 crores for the acquisition, as per sources.