Karvy Once Again Buying Time and Negotiating a Foreign Buyer for Its Data Management Business
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Six months after Karvy Stock Broking Ltd (Karvy) was expelled by the National Stock Exchange (NSE) and declared a defaulter, there is almost no legal action against the firm by retail or institutional investors. This is because C Parthasarathy, its group chairman has reached out to people with an assurance that the firm is close to selling its data management business, Karvy Data Management Services Ltd (KDMSL) and hopes to raise almost Rs1,000 crore, say people who are aware of developments. Meanwhile Amitabh Chaturvedi has reportedly quit as group CEO of Karvy.