Karvy Group names Amitabh Chaturvedi as new head of financial services arm

Karvy Group is in the process of restructuring its overall business into financial services and non-financial services verticals, it said on Tuesday

India's Karvy Group said on Tuesday it has appointed a new head of its financial services unit as part of corporate restructuring, a month after the country's market regulator slapped a ban on its stock broking arm for alleged misuse of client funds.

Karvy named Amitabh Chaturvedi as group chief executive officer of its financial services arm with a mandate to "completely overhaul the governance processes, ensure best practices and to bring in greater fiduciary discipline to these businesses," the Hyderabad-headquartered firm said in a statement.

The Securities and Exchange Board of India (SEBI) barred Karvy Stock Broking last month after a