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Karvy Fintech renames itself, appoints M V Nair as non-executive chairman

KFin Tech has also appointed MV Nair as the non-executive chairman the company with immediate effect

BS Reporter  |  Mumbai 

Karvy Stock Broking

In a bid to disassociate itself from the controversy surrounding its former parent company, General Atlantic-backed Karvy Fintech has renamed itself as KFin Technologies. The private equity major has been the controlling shareholder of KFin Technologies for over a year. KFin Tech has also appointed M V Nair as the non-executive chairman the company with immediate effect. Nair is at present the chairman of TransUnion CIBIL and an advisor to private equity and venture capital-funded in India.

Last week, C Parthasarathy, chairman and managing director of the Karvy group had resigned from KFintech, which acts as a registrar and transfer agent (RTA) for the Rs 26-trillion mutual fund industry.

Parthasarathy's resignation came after Sebi order against Karvy Stock Broking for alleged misuse of client funds.

Karvy group owns about 18 per cent stake in KFintech, the rest is owned by GA. A year ago the PE firm had acquired Karvy group’s stake for around Rs 1,000 crore.

As an RTA, KFin Technologies provides corporate registry services, back-office operations and data processing services. The company is a record-keeping agency the MFs as well as the National Pension System (NPS).

First Published: Mon, December 02 2019. 17:31 IST