Karvy Group, whose stock broking arm is under the regulatory scanner for allegedly using client securities to raise money, has decided to restructure its business into two verticals — financial services and non-financial services — and has appointed industry veteran Amitabh Chaturvedi to head its financial services vertical.
“... Karvy Group announced the appointment of the industry veteran Mr. Amitabh Chaturvedi as Group CEO-Financial Services, with a mandate to completely overhaul the governance processes, ensure best practices and to bring in greater fiduciary discipline to these businesses,” stated a release by the Hyderabad-based entity.
Mr. Chaturvedi, who has over 30 years of experience in the financial services space, has earlier been associated with organisations such as Dhanalakshmi Bank, Reliance Asset Management Company — now known as Nippon India Mutual Fund — ICICI and the Essel Group.
As part of the restructuring exercise, stock broking, wealth management, commodities trading and investment banking, among others, will come under the ambit of financial services.
On the other hand, non-financial services will comprise data management services, data analytics, market research and allied businesses.
The group, which was established in 1982, has also initiated a major management reshuffle to improve the overall governance and functioning across the group.
