Registrar and Transfer Agent (RTA) Karvy Fintech now owns Sundaram BNP Paribas Fund Services.
RTA Sundaram BNP Paribas Fund Services was a joint venture between Sundaram Finance and BNP Paribas Securities Services. In this joint venture, Sundaram Finance owned 51% with BNP Paribas Securities Services holding the rest 49%.
Speaking about the development, Sunil Subramaniam, MD, Sundaram MF said, “We thought that having three big players in the RTA space would help the MF industry. However, we realise the industry size is such that two leading players in this space are adequate to cater to the industry needs, with one being the leader and the other being the challenger. The good thing is there is no monopoly.”
“We have tied up with the challenger. We expect that the innovative technology will come to the challenger and we expect to grow with it,” Subramaniam added.
Karvy Fintech is a provider of across-the-board transfer agency services to AMCs, distributors and investors. The company’s website shows that nearly 40% of India’s AMCs use its services.
