Axis Securities, IIFL Securities bag Karvy's trading, demat accounts

Axis Securities and IIFL Securities said that they have won bids to acquire Karvy Stock Broking's trading and demat accounts, respectively. This comes after SEBI barred Karvy from signing up new customers as it allegedly pledged client shares to raise funds for its own use. Later, NSE declared Karvy as a defaulter over non-compliance with its regulatory provisions.