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.
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In April 2017, the regulator mooted the Insurance Self Networking Platform (ISNP) to facilitate e-commerce in the insurance business. However, four years down the line, there is not much information available about the ISNP itself, or insurance companies, brokers, and corporate agents, who are participants of ISNP, how they are regulated, if at all, and what business they are doing. There is no official information about the way they are being authorised to sell or service insurance policies through the platform. Further, nobody knows, how many insurance companies, brokers and corporate agents have applied, how many applications have been rejected and on what basis and what are duties and responsibility of those on-boarded on ISNP towards insurance consumers. Except for developing a portal, https://isnp.irda.gov.in/, the IRDAI has kept mum on everything ISNP. In fact, as per our sources, except a few in IRDAI, nobody knows anything about ISNP and what exactly is taking place und
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