Rajeev Krishnamuralilal, Former Member of IRS, SEBI Appointed as an Independent Director of Paytm

By Consultants Review Team Tuesday, 18 June 2024

The company that owns the Paytm brand, One 97 Communications Limited (OCL), has announced the addition of Rajeev Krishnamuralilal Agarwal to its board of directors as a non-executive independent director. The hiring, according to the business, demonstrates Paytm's commitment to improving its corporate governance by gaining more insights into regulations and compliance. 

Neeraj Arora has also resigned from his position as Non-Executive Independent Director as a result of personal obligations and preoccupations. 

Agarwal has almost forty years of stock market expertise, of which twenty-eight were spent in the Indian Revenue Services. He played a key role in significant market policy reforms as a Whole Time Member of SEBI, including the MF industry's 2012 revival package and the Forward Markets Commission's 2015 merger with SEBI.

Additionally, he developed the offer for sale procedure for PSU disinvestment, led various IPO changes intended at improving transparency, and stimulated the SME market, expanding the chances for small businesses and entrepreneurs to get financing. 

The CEO and founder of Paytm, Vijay Shekhar Sharma, commented on the appointment, saying, "I'm pleased to welcome Rajeev Agarwal to the Paytm board." His knowledge of political and regulatory affairs will be a great asset to our board. Additionally, I would like to thank Shri Neeraj Arora for his important efforts, which have been crucial to the development of our business. We are still dedicated to development and innovation as we work to provide financial inclusion for our country.

Agarwal now holds the positions of Chairman and Independent Director on the Trust Mutual Fund board as well as Independent Director on the boards of MK Ventures Capital Ltd., ACC Ltd., Star Health Insurance, and UGRO Capital Ltd. 

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