Karvy - IPO Section
Oil India IPO - Poor response from Karvy

I have been experiencing a worst service from Karvy. I had applied for Oil India IPO (application number: 13101662) and i have neither got any refund nor the allotment. It is already more than a month now. The reasons they have given are utter waste and i am planning to lodge a complaint against them with SEBI very soon.

Initially, when asked they said they have already sent a cheque, but we went to Post office to inquire about the same and realized that the article number they quoted (and said they have sent thru registered post) was not at all there in the post office records.

Further escalations revealed that there is a technical problem because of which there is an amount mismatch and they need more time to resolve the same.

My concerns:

- first because of their technical problem, i didnt get the allotment -- so its a loss for me

- second, there is a delay in refund and i am not sure now, whether i will get my money back or not.

I have called up their Hyderabad office today and have told them that if they dont revert to me with the proper information by EOD today, I am going to lodge a complaint with SEBI. But they seem to be very careless and not bothered at all.

SEBI should have proper guidelines and should penalize for bad service they are known for.

Company: Karvy - IPO Section
Country: India

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