Karvy MF Business Has Been Acquired By “Prudent Corporate”

We all know that Karvy stockbroking business has undergone some Bad News of “Converting investors money into their own real estate business” which led the market regulator SEBI banned Karvy Stockbroking business.

EvenThough Karvy is banned from doing stock broking, it is free to carry-out mutual fund business till now. It is continuing as a Registrar and Transfer Agent of popular Mutual Fund Companies.

But as per the recent trade talk, Prudent Corporate, a retail wealth management company acquired Karvy MF Business. Though there is no official acquisition rate announced, Prudent Corporate bidded huge price in committee conducted by NSE, BSE, Metropolitian stock exchange of india and possessed Karvy MF Business

Tillnow, Karvy Mutual Fund business is expanded to 9,261 crores assets under management(AUM) with more than 11.98 Lakh Folios. Karvy MF business includes 87 crore rupees turnover per month with 4.2 Lakh investors subscribing to sip’s(Systematic Investment Plan)

Karvy MF services are engaged with more than 5,000 distributors who are backbone to the Karvy business.

Speaking to Media,Prudent Corporate Managing Director, Chairman Sanjay Shah expresses that “This deal would help them to expand their business allover India and within reach to most of the investors”. He didn’t disclose the final bidding price bidded in the auction. Anyway, From now-on-wards Karvy’s Mutual Fund Business has been acquired by Prudent Corporate. Investors please note this!

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