One 97 Communications Limited (OCL) that owns brand Paytm, has announced the appointment of Rajeev Krishnamuralilal Agarwal as Non-Executive Independent Director, to its board of directors. As per the company, the appointment underscores Paytm’s dedication to enhancing its corporate governance with additional regulatory and compliance insights.
Additionally, Neeraj Arora has stepped down as Non-Executive Independent Director due to preoccupations and personal commitments.
Agarwal brings over four decades of experience in the stock market, including 28 years with the Indian Revenue Services. As a Whole Time Member of SEBI, he was instrumental in major market policy reforms, such as the revival package of MF industry in 2012, and the merger of the Forward Markets Commission with SEBI in 2015. He also spearheaded several IPO reforms aimed at enhancing transparency, initiated the offer for sale mechanism for PSU disinvestment and gave a boost to SME exchange which broadened capital-raising opportunities for small enterprises and startups.
Talking about the appointment, Vijay Shekhar Sharma, Founder and CEO, Paytm said, “I am happy to welcome Rajeev Agarwal to the Paytm board. His expertise in regulatory and government-related matters will be an invaluable addition to our board. I would also like to express my gratitude to Shri Neeraj Arora for his significant contributions, which have been instrumental in our company’s evolution. We remain committed to innovation and growth as we continue our efforts to serve our nation with financial inclusion.”
Currently, Agarwal is Chairman and Independent Director on the board of Trust Mutual Fund and Independent Director on the boards of ACC Ltd., Star Health Insurance, UGRO Capital Ltd. and MK Ventures Capital Ltd.