Karvy names group CEO for financial services biz in management reshuffle

Group is restructuring its overall business into two verticals - financial services and non-financial services - in a move aimed at improving governance and functioning

The Karvy Group announced on Tuesday that it is in the process of restructuring its businesses into two broad verticals - financial services and non-financial services. As a part of this process, the company has also initiated a management reshuffle. The move is aimed at improving the overall governance and functioning of the enterprise, it said.

As part of this exercise, group chairman C Parthasarathy announced the appointment of Amitabh Chaturvedi as Group CEO-Financial Services with a mandate to completely overhaul the governance processes, ensure best practices and to bring in greater fiduciary discipline to these businesses.

The group's flagship company Karvy Broking is currently facing regulatory action besides suspension from the trading platforms of Bombay Stock Exchange and the National Stock Exchange (NSE) for allegedly pledging client shares worth of over Rs 2,300 crore in order to raise loans.

Chaturvedi has been associated with prominent names such as Dhanalaxmi Bank, Reliance AMC, ICICI and the Essel Group and has over 30 years of experience in financial services. "We welcome and are extremely pleased to announce the appointment of Mr Amithabh Chaturvedi as Group CEO-Financial Services. We look forward to scaling new heights under his leadership. His extensive experience and incisive vision of the financial services sector will definitely enhance our brand value," Parthasarathy said.

Karvy's financial services business include equity broking, repository participant services, currency derivatives, wealth management among other verticals.