Economy and Business

Appoints Mr. Amitabh Chaturvedi as Group CEO – Financial Services Mumbai, December 31, 2019: The Karvy Group announced today that it is in the process of restructuring its overall business into two verticals - Financial Services and Non- Financial Services. As a part of this process, the company has also initiated a major management reshuffle. The move is expected to improve the overall governance and functioning across the enterprise. Mr. C Parthasarathy, Chairman, 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. He has previously been associated with leading organizations such as Dhanalakshmi Bank, Reliance AMC, ICICI and the Essel Group and has over 30 years of experience in the financial services space. Speaking on this development, Mr. C Parthasar...

Appoints Mr. Amitabh Chaturvedi as Group CEO – Financial Services Mumbai, December 31, 2019: The Karvy Group announced today that it is in the process of restructuring its overall business into two verticals - Financial Services and Non- Financial Services. As a part of this process, the company has also initiated a major management reshuffle. The move is expected to improve the overall governance and functioning across the enterprise. Mr. C Parthasarathy, Chairman, 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. He has previously been associated with leading organizations such as Dhanalakshmi Bank, Reliance AMC, ICICI and the Essel Group and has over 30 years of experience in the financial services space. Speaking on this development, Mr. C Parthas...

High networth individuals have seen their wealth growth slowing down in 2018 to 9.62 percent from 13.45 percent a year ago, while their number has de- grown, says a report. High networht individuals are those with an investible surplus of over USD 1 million, and their number has crimped to 2.56 lakh in 2018 from 2.63 lakh in 2017, according to the data collated by Karvy Wealth Management. According to the Karvy report, these 2.63 lakh ultr  rich  are worth Rs 430 lakh crore in 2018, up from Rs 392 lakh crore in 2017. The report comes even as more eye brows are being raised repeatedly over the rising inequality in the country, where the  rich  are getting richer and the poor, becoming poorer and at a faster clip. As much as Rs 262 lakh crore of the wealth possessed by the high networth individuals are in the form of financial assets, while the rest are parked in physical assets, it said, adding the ratio has remained broadly the same at 60:40. Among financial a...

Individual investor wealth across various investment avenues registered an impressive growth of 10 per cent to  ₹ 430-lakh crore last fiscal compared to  ₹ 392-lakh crore logged in the financial year ended March 2018. According to 10th Karvy Private Wealth report released here on Wednesday, individual investors’ wealth in financial asset increased 11 per cent to  ₹ 262-lakh crore ( ₹ 236-lakh crore) with direct investment in equity, fixed deposit and insurance topping the chart. Investments in physical assets such as real estate and gold increased eight per cent to  ₹ 167-lakh crore ( ₹ 156-lakh crore) in FY19. The proportionate of financial assets has moved up to 61 per cent from 57 per cent in the last five years. Interestingly, investments in gold exchange traded fund (ETF) fell five per cent to  ₹ 2,661 crore against  ₹ 2,798 crore in FY18 largely due to emergence of sovereign gold bond which attracted an investment of  ₹ 7,960 crore ( ₹ 6...

https://www.businesstoday.in/markets/stocks/karvy-india-wealth-report-2019-equity-investments-grow-at-6-percent-in-fy19-despite-volatility/story/385179.html The recent move to reduce corporate tax will give a generous fillip to our ailing economy and have a positive effect on the stock market, said Abhijit Bhave, CEO, Karvy Private Wealth Direct equity investments continue to be the favourite of investors, growing 6.39 per cent in 2018/19, in spite of stock markets remaining lacklustre and volatile in the last one year. At Rs 52.10 lakh crore, investments in direct equity comprise one-fifth financial assets which saw investments by individuals, according to Karvy India Wealth Report 2019. "This shows the belief of investors in the Indian equity markets, notwithstanding the volatility it has been through. We believe India's drive towards a $5 trillion economy will have a cascading positive effect on individual wealth," Abhijit Bhave, CEO, Karvy Private Wealth, sai...

Abhijit Bhave, CEO, Karvy Private Wealth said that while the wealth management company is a division of Karvy Stock Broking, it is not directly impacted by the current episode. In the aftermath of the crisis at Karvy Stock Broking, many investors have been questioning the involvement of the other Karvy Group companies like Karvy Private Wealth. Karvy Private Wealth is in the business of offering wealth management solutions to HNI, UHNI & family office clients.  Market regulator SEBI recently banned Karvy Stock Broking from taking on new clients after it discovered a fraud of Rs.2,000 crore. To understand what would be the impact on its investors Cafemutual spoke to Abhijit Bhave, CEO, Karvy Wealth, who said, “Unlike some other banks and wealth management firms, who primarily focus on investments in products manufactured by their own group companies, nearly all our clients have a large proportion of their investments in third party products. So there would not be too ...