Karvy, others eye Sahara investors probe
The country's another major securities depository NSDL (National Securities Depository Ltd) also has a wholly-owned subsidiary, NSDL Database Management Limited (NDML), which has been approved by Sebi to function as a KRA.
Besides, CAMS is a joint venture company with three shareholders -- HDFC Group, global private equity firm Advent International and software firm Acsys Software India Pvt Ltd. Karvy Stock Broking Ltd's fully-owned subsidiary, KDMSL (Karvy Data Management Services Ltd), is also registered with Sebi for carrying out KRA activities.
Sebi had floated a tender for selection of IPV Agency in this case on November 2 and had earlier asked the public sector banks and KRAs to submit applications by November 22.
The selected agency would have to meet the bondholders face to face to ascertain their existence, visit their given address to ascertain their residence proof and verify their original identity and address proofs vis-a-vis given details.
The agency would also collect cancelled cheques from the investors to facilitate the refund of money to them. Sebi is also in the process of appointing investigating agencies to assist it in this matter, while it is also hiring a Registrar and Transfer Agent (RTA) for investor data and payment processing related works in the case.
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