In a strategic move poised to bolster its governance framework, One 97 Communications, the parent company of Paytm, has appointed the distinguished Rajeev Krishnamuralilal Agarwal as a non-executive independent director. This appointment follows the resignation of Neeraj Arora, who stepped down from the board due to ‘pre-occupation and personal commitments.’
Rajeev Agarwal, a former IRS officer and erstwhile SEBI whole-time member, brings a wealth of experience and a formidable track record in regulatory reforms. His tenure, set for five consecutive years, was ratified during the board meeting on June 17, 2024, upon the recommendation of the Nomination and Remuneration Committee. This decision was formally communicated through a stock exchange filing by One 97 Communications.
Agarwal’s induction is expected to infuse the board with his profound insights and regulatory acumen, particularly given his instrumental role in pivotal policy reforms within the mutual funds sector in 2012 and the seamless merger of the Forward Markets Commission with SEBI in 2015. His expertise will be invaluable as Paytm navigates the complex landscape of financial technology and regulatory compliance.
With this appointment, Agarwal will also relinquish his membership in the Nomination and Remuneration Committee and the investment committee, thereby ensuring a focused and dedicated contribution to his new role. This strategic realignment underscores Paytm’s commitment to fortifying its governance and steering the company towards sustained growth and innovation.