Karvy Corporate
 | This article contains promotional content. (September 2018) |
 | |
| Company type | Private |
|---|---|
| Industry | Finance |
| Founded | 1983 |
| Headquarters | Hyderabad, Telangana, India |
Area served | Worldwide |
| Website | www |
Karvy is a financial services company in India. It is involved in financial services like equity, commodities trading, depository and wealth management services and distribution of other financial products. It has its headquarters in Hyderabad, India[1]. It also has branch offices outside India in Bahrain, Dubai, Malaysia, Philippines and the United States.
History
Karvy was established in the year 1983 [1] and is now headed by Mr. C Parthasarathy as Chairman.[2][3] The group has more than 30,000 employees, spanning 900 offices in about 400 cities and towns. In the mid-1990s, Karvy forayed into stockbroking and advisory businesses.[4][5] Later, in the early 2000s, Karvy Corporate ventured into commodity trading. With the introduction of currency trading, Karvy corporate is also in the business of Forex trading.
Management
C. Parthasarathy - Chairman and Managing Director
M. Yugandhar - Managing Director
M. S. Ramakrishna - Director
Business
Karvy Group provides financial services like finance, insurance, broking, investment banking, loans for individuals and businesses. Karvy recently started its ecommerce business on Karvyclick.com[6] to enable small and medium enterprises to go online for selling their products in various eCommerce platforms.
Karvy Data Management Services, a subsidiary of Karvy Group, has acquired the call centre business of Media Matrix Worldwide[7] Ltd for Rs 30 crore in 2017.
Awards and Recognitions
Chairman of the diversified financial services group- Karvy, C Parthasarathy has bagged the ‘Entrepreneur of the Year’[8] 2017 award from the Telangana government. The award was given for his contribution to IT sector in the state apart from employment generation.
Misuse of client holdings
In November 2019, Securities and Exchange Board of India barred Karvy Stock Broking Limited from purchasing shares in delivery and also accepting new clients till pending forensic audit. SEBI found out that Karvy had defaulted Rs.2000 crore of investor funds by pledging the securities holdings of its customers. The action was based on a detailed report by National Stock Exchange. The company had sold excess securities (not available in their DP account) worth Rs 485 crore through nine related clients till 31 May, 2019. They further transferred excess securities worth Rs 162 crore to six of these nine related clients till 31 May, 2019. Later it tried to repurchase the securities worth 228.07 crores to cover up for the shortfall between June - September 2019. An amount of 1096 crore was transferred to its group concern Karvy Realty Private Limited during the period of April 2016 - October 2019. [9]
References
- ^ a b "Karvy Stock Broking Ltd Stock Recommendations | Karvy Stock Broking Ltd Short and Long Term Stock Recommendation". www.dsij.in. Retrieved 2017-04-17.
- ^ Mr C. Parthasarathy. "The Hindu Business Line : `We want to be No. 1 in merchant banking'". www.thehindubusinessline.com. Retrieved 2017-04-17.
- ^ "C. Parthasarathy: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved 2017-04-17.
- ^ "Karvy Brokerage & Karvy Demat Account Reviews 2017". www.chittorgarh.com. Retrieved 2017-04-17.
- ^ "BSE Ltd-Member Database". www.bseindia.com. Retrieved 2017-04-17.
- ^ "Karvy Click".
- ^ "Media Matrix Worldwide".
- ^ "'Entrepreneur of the Year' award - Karvy, C Parthasarathy".
- ^ "Sebi bans Karvy for Rs 2,000 crore client defaults". The Economic Times. 23 November 2019. Retrieved 2020-04-13.