Karvy Fintech is renamed as KFin Tech
Mumbai/Hyderabad: Karvy Fintech , which is majority owned by General Atlantic (GA) and serves several mutual funds, corporations, insurance companies and banks, said Monday that it was renamed as KFin Tech nologies , to disconnect from the Karvy brand. NSE and BSE have banned Karvy Stock Broking for violating exchange compliance rules.
KFin Tech nologies also announced the appointment of M V Nair as non-executive chairman of the company's board of directors. Nair is the current president of TransUnion Cibil and is also adviser to select private equity- and venture capital-funded companies in India. He recently also served as chairman and MD of Union Bank of India and chairman of SWIFT and Indian Banks' Association.TOI on November 27 reported that C Parthasarathy had resigned from the board of Karvy Fintech following pressure from mutual funds and that MV Nair had been appointed as Karvy Fintech chairman.
TOI had also reported that the company would be re-baptized to dissociate itself from the contaminated Karvy brand.
Nair said he had a positive experience with the company's board of directors over the past year and believed that transparent and robust governance processes will continue to strengthen the company's record of achievements.
Last week, the company had also issued a clarification on its website emphasizing its identity was independent of Karvy group. Fund houses are believed to have approved the board of erstwhile Karvy Fintech pressing for its disassociation from the Karvy brand after Sebi’s November 22 order banning Karvy Stock Broking from taking new clients for misusing clients ’shares and funds.
GA owns the 83.3% majority interest in KFin Tech , while Partharasarthy, along with its affiliates, has a 16.8% stake in the company. GA has been the controlling shareholder for more than a year.
The company serves as a registrar and commercial agent (RTA) for fund houses and is one of the largest registrars, serving more than 90 million investor accounts spread across 2,900 issuers, including banks, PSUs, other corporations and funds mutual funds in India and Southeast Asia and has an AUM of approximately $ 90 billion. It has a workforce of more than 5,000 people and a network of more than 200 branches that process almost 5 lakh daily transactions in India.