General Atlantic (GA) Monday announced the appointment of Mavila Vishwanathan Nair as the non-executive chairman of the board of KFin Technologies (earlier Karvy Fintech) effective immediately.
Nair is the current chairman of TransUnion CIBIL and also an advisor to a few private equities- and venture capital-funded companies in India. Nair most recently served as chairman and managing director of Union Bank of India and as chairman of SWIFT and Indian Banks' Association.
Last year General Atlantic had acquired KFin Technologies, a registrar and transferee services company, from Hyderabad-based Karvy Group. It owns an 83 per cent stake in KFin while the Karvy promoters hold the remaining equity.
On his appointment, M V Nair said, "I have had a positive experience on the board since I joined a year ago and believe that the transparent and robust governance processes will continue to strengthen the track record of the company's accomplishments. I am also committed to continuing to drive the unrelenting focus of the management on regulatory compliance."
KFin is one of the largest registrars, servicing over 90 million investor accounts spread over 2,900 issuers including banks, PSUs, other corporates and mutual funds in India and South East Asia.
A growth equity investor with over $35 billion assets under management (AUM), General Atlantic has been present in India since 2002, having backed big names in technology such as Genpact, Patni Computers, Hexaware, IBS, Mu Sigma and financial services companies BillDesk and IIFL Wealth, according to the company.