In an attempt to distance itself from the fiasco surrounding Karvy, New York-headquartered PE firm General Atlantic (GA) has changed the name of its portfolio company Karvy Fintech to KfinTech.

GA had acquired an 83.25 per cent stake in Karvy Fintech in November 2018, which was jointly owned by Hyderabad-based Karvy group, Australian share registry firm Computershare and certain other shareholders. GA had appointed majority of the directors and got industry professionals as independent directors, sources close to the development said.

“Post the majority transaction, GA was clear that there will be a transition from the Karvy brand within a defined period. GA and the board had been planning this for a few months and concluded the transition expeditiously given recent regulatory action on a Karvy group company,” one of the sources said.

KFin Technologies (earlier Karvy Fintech) is a provider of investor and issuer services for the asset management industry and Indian corporations. It is also one of the largest registrars, servicing over 90 million investor accounts spread over 2,900 issuers including banks, Public Sector Units (PSUs), other corporates and mutual funds in India and South East Asia.

The company employs a workforce of about 5,000, runs about 200 branches across India and has nearly $90 billion of Assets Under Management, even as it processes nearly 5 lakh transactions daily.

Separately on Monday, KfinTech appointed Mavila Vishwanathan Nair as non-executive chairman with immediate effect.

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