In a move to disassociate itself from the controversies surrounding its former parent company Karvy Group, Karvy Fintech has renamed itself as KFin Technologies. The private equity firm General Atlantic has been the controlling shareholder of KFin Technologies for over a year. GA acquired Karvy Group’s stake in KFin Technologies last year for Rs. 1,000 crore.
KFin Tech recently also appointed the chairman of TransUnion CIBIL MV Nair as its non-executive chairman. MV Nair is also an advisor to private equity and venture capital-funded companies in India. His appointment comes after the resignation of C Parthasarathy, chairman and managing director of the Karvy group. Parthasarthy resigned from the company after a SEBI order against Karvy Stock Broking for alleged misuse of client funds.
KFin Technologies is a Registrar and Transfer Agent (RTA) for mutual funds and Central Record Keeping Agency (CRA) for the National Pension System (NPS). It provides corporate registry, data processing services and back-office operations as an RTA.