A month after the Securities and Exchange Board of India (Sebi) and Bengaluru police began their probe into the alleged misuse of client securities by Karvy Stock Broking (KSBL) in June, Ashish Agarwal, the lone representative of Barings Private Equity Asia on the board of KSBL, had resigned from it in July.
Barings Asia had invested in KSBL in 2007 and held a minority stake in the company; it had a seat on the KSBL’s board. When contacted, a Barings Asia spokesperson said: "Baring Private Equity Asia has been exiting its stake in Karvy in an orderly manner and Agrawal's ...
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