 "Convexity surrenders broking licence")
Convexity Solutions and Advisors Pvt Ltd, a broking firm backed by private equity (PE) firm CX Partners, which had once planned to invest Rs 210 crore in the company, has surrendered its broking licence. It executed its last trade over six months ago.
The PE firm had initially invested Rs 25 crore of the Rs 210 crore it had committed to the company. It put in another Rs 25 crore as it increased its stake in the company, according to a person familiar with the matter.
Convexity had been running a portfolio management service or PMS programme, managing money for high net worth individuals, added the person.
A notice on the National Stock Exchange website showed that it had previously traded on February 8, 2013.
Sudip Bandyopadhyay, former head of Reliance Money and then head of Spice Finance, had announced the venture in early 2010.
Since then, his own stake in the company has come down to less than 1 per cent, he told Business Standard. He added that he has not been involved in the day-to-day running of the company for some time. He said he had stepped down from the board of the company a year ago.
He is currently the managing director of Destimoney Securities. Ajay Relan, managing partner at CX Partners, declined to comment.
The PE firm had initially invested Rs 25 crore of the Rs 210 crore it had committed to the company. It put in another Rs 25 crore as it increased its stake in the company, according to a person familiar with the matter.
Convexity had been running a portfolio management service or PMS programme, managing money for high net worth individuals, added the person.
A notice on the National Stock Exchange website showed that it had previously traded on February 8, 2013.
Sudip Bandyopadhyay, former head of Reliance Money and then head of Spice Finance, had announced the venture in early 2010.
Since then, his own stake in the company has come down to less than 1 per cent, he told Business Standard. He added that he has not been involved in the day-to-day running of the company for some time. He said he had stepped down from the board of the company a year ago.
He is currently the managing director of Destimoney Securities. Ajay Relan, managing partner at CX Partners, declined to comment.