Karvy Broking to set up NBFC

MUMBAI: Karvy Stock Broking plans to float a non-banking financial company by March next year.

Karvy, in which ICICI Ventures and Baring Equity recently picked up a combined 25% stake, is likely to approach RBI for the regulatory approval within the next two months to set up the NBFC.

The group also plans to expand globally and has zeroed in on Singapore and London for its foray.