homebusiness Newscompanies NewsPaytm forms advisory committee chaired by former SEBI chairman M Damodaran
Paytm forms advisory committee chaired by former SEBI chairman M Damodaran
The Group Advisory Committee, initially formed with three members, aims to expand its membership as deemed necessary to address evolving regulatory landscapes and business requirements. Shares of One 97 Communications Ltd ended at ₹419.85, down by ₹27.25, or 6.09%, on the BSE.
In a strategic move aimed at fortifying its compliance and regulatory framework, One 97 Communications Ltd, the parent company of Paytm, on Friday (February 9) announced the formation of a Group Advisory Committee chaired by former SEBI chairman M. Damodaran.
"The Board of One 97 Communications Limited announces formation of a Group Advisory Committee chaired by former SEBI Chairman M Damodaran, to work with the Board in further strengthening compliance, and regulatory matters," One 97 Communications said in a regulatory filing,
Chaired by the former chairman of the Securities and Exchange Board of India (SEBI), the committee will collaborate closely with the board to enhance regulatory adherence and operational robustness.
"The Committee includes veteran professionals like M M Chitale, former president of Institute of Chartered Accountants of India (ICAI) and a former governing Council Member of Banking Codes and Standards Board of India nominated by RBI," the company said.
Comprising seasoned professionals with diverse expertise, the committee includes experts like Mukund Manohar Chitale and R. Ramachandran, former chairman and managing director of Andhra Bank
Chitale, a renowned figure in the financial world, brings his extensive experience as the former president of the Institute of Chartered Accountants of India (ICAI) and as a governing council member of the Banking Codes and Standards Board of India appointed by the Reserve Bank of India (RBI).
The Group Advisory Committee, initially formed with three members, aims to expand its membership as deemed necessary to address evolving regulatory landscapes and business requirements effectively.
On January 31, the RBI ordered Paytm Payments Bank Ltd, a restricted bank that can take deposits but cannot lend, to not take any further deposits or conduct credit transactions or carry out top-ups on any customer's accounts, prepaid instruments, wallets, and cards for paying road tolls after February 29.
RBI Governor Shaktikanta Das on Thursday (February 8) said there are no systemic worries and the action on Paytm was driven by a "lack of compliance" on the part of the company. Paytm Payments Bank Ltd (PPBL) is an associate of One97 Communications Ltd.
One97 Communications holds 49% of the paid-up share capital (directly and through its subsidiary) of PPBL. Founder Vijay Shekhar Sharma has a 51% stake in the bank. PPBL Independent Director Manju Agarwal is learned to have resigned from the board after the RBI imposed restrictions on the bank's operations.
Shares of One 97 Communications Ltd ended at ₹419.85, down by ₹27.25, or 6.09%, on the BSE.
(Edited by : Shoma Bhattacharjee)
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