How to change your broker

If you have been hit by the suspension of the scandal blow Karvy Stock Broking Here are two ways to transfer your shares to another runner :

1. Approach a new runner with details of your bank and broking account with Karvy Stock brokerage. Also, give them your BREAD . Since you are an existing intermediation client, you already comply with Know Your Customer ( KYC ) requirement under Sebi rules. Give instructions to the new runner to shift your account from Karvy Stock Broking . Make sure if your existing broking account is in single name, the new one should also be in the same name. In case it is in multiple names, the new one should also be in multiple names and in the exact order as in the existing account.

2. Alternately, you could open an account with another runner with BREAD and details of bank account and residential address. After the new account is opened, give the runner the details of your shares through the delivery instruction slip (DIS) that Karvy Stock Broking has given you. After the new account is opened, the shares could be transferred in a day or two.