karvy group

A little over a year after banking and financial services veteran Amitabh Chaturvedi put in his papers as karvy group CEO and KMP (key management personnel), he has now quit from the board of two karvy group companies – Karvy Financial Services Ltd, a non-banking financial services

Less than two years after the Karvy demat scam came to light, karvy group chairman C Parthasarathy was finally arrested in Hyderabad on Thursday on charges of defaulting on a bank loan.

karvy group chairman C Parthasarathy is no stranger to controversy. Parthasarathy, who is one of the five founders of karvy group, has weathered many a scam including the infamous Roopal Panchal IPO (initial public offering) scam where markets regulator Securities & Exchange Board of India (Sebi) found irregularities in 21 IPOs between 2003 and 2005.

Markets regulator Sebi’s ban on Karvy Stock Broking has claimed the first scalp. Bowing to pressure from mutual funds, C Parthasarathy, karvy group’s chairman and managing director, has resigned from the board of Karvy Fintech, which serves as registrar & transfer agent (RTA) to several fund houses.

With the second week of February drawing to a close, Karvy Stock Broking Ltd (KSBL) has missed yet another self-declared deadline for clearing its client payouts, leaving many of its investors in the lurch.

karvy group chairman C Parthasarathy is in fresh trouble with Hyderabad Central Crime Station (CCS) sleuths slapping another criminal case against him for allegedly cheating investors by promising plots in a venture belonging to Karvy Realty (India) Pvt Ltd. The latest case is the third one against karvy group and its chairman.

Amitabh Chaturvedi, a veteran of the banking & financial services industry who was brought in to steady the ship at scam-hit karvy group as its CEO for financial services operations, has put in his papers. Chaturvedi had joined the Hyderabad-headquartered business house in December 2019. He resigned from his executive role in January this year and is currently on the boards of three of the karvy group companies as non-executive director.

In a fresh bout of trouble for Deccan Chronicle Holdings, Hyderabad-based financial services player karvy group has filed a police complaint against the promoters of DCHL leveling allegations of forgery and misrepresentation. Late in the night a case was registered against the promoters of DCHL .

karvy group chairman C Parthasarathy is in fresh trouble with Hyderabad Central Crime Station (CCS) sleuths slapping another criminal case against him for allegedly cheating investors by promising plots in a venture belonging to Karvy Realty (India) Pvt Ltd.

Mutual fund houses serviced by Karvy Fintech, a karvy group company, are preparing to reach out to their investors to assure them about the safety of their investments with the respective fund houses.

The Hyderabad-based financial services provider karvy group on Monday issued a statement that on Saturday and Sunday, it received 53 posts on the Karvy Stock Broking Twitter handle and on an analysis, it found that these actually pertain to 11 customers. “We have checked, and we confirm that payments to all of them have been made,” it said. Despite this statement, many investors are still unhappy.

While all the parties are tight-lipped about the exact stake that two private equity players are taking in the financial services arm of the karvy group, sources said the deal values Karvy Stockbroking at about Rs 1,900 crore.

Less than two years after markets regulator Securities & Exchange Board of India (Sebi) banned Hyderabad-based broking firm Karvy Stock Broking Ltd (KSBL) for illegally pledging client securities to raise loans against shares, city police arrested KSBL chairman and managing director C Parthasarathy on Thursday based on a loan default complaint by IndusInd Bank.

An investor who knocked on the doors of Karvy’s office at Nanakramguda on Saturday morning was reassured by an executive of the company that “by Wednesday, people should be getting back their money.”

The Directorate of Enforcement (ED) has attached assets worth Rs 134.02 crore in the form of preference shares of KFin Technologies Ltd. The investigation revealed that the shares were held in the name of the son of the CMD of Karvy Stock Broking Ltd. The ED initiated the investigation based on FIRs alleging illegal pledging of clients' shares and diversion of loan funds to related companies. The shares were redeemable after two years at a net redemption premium of Rs 134.02 crore. The total value of attachments in the case is now Rs 2,229.56 crore.

The Enforcement Directorate (ED) has taken karvy group chairman and managing director C Parthasarathy into custody and begun grilling on diverting clients’ securities to the tune of Rs 2,873 crore and floating 14 shell companies.