One 97 Communications Limited (OCL), the parent company of Paytm, has announced the appointment of Rajeev Krishnamuralilal Agarwal as a Non-Executive Independent Director on its board.
This strategic appointment underscores Paytm’s commitment to enhancing its corporate governance with robust regulatory and compliance insights. Rajeev Agarwal, who brings over four decades of experience in the stock market, including 28 years with the Indian Revenue Services, will add substantial value to the board.
Agarwal’s tenure as a Whole Time Member of SEBI was marked by significant market policy reforms. He played a pivotal role in the 2012 revival package for the mutual fund industry, the 2015 merger of the Forward Markets Commission with SEBI, and various IPO reforms aimed at enhancing transparency. Additionally, he introduced the offer for sale mechanism for PSU disinvestment and promoted the SME exchange to broaden capital-raising opportunities for small enterprises and startups.
Vijay Shekhar Sharma, Founder and CEO of Paytm, welcomed Agarwal’s appointment, stating, “I am happy to welcome Rajeev Agarwal to the Paytm board. His expertise in regulatory and government-related matters will be an invaluable addition. 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.”
This appointment follows the resignation of Neeraj Arora as Non-Executive Independent Director, due to preoccupations and personal commitments.
Currently, Agarwal serves as Chairman and Independent Director on the board of Trust Mutual Fund and as an Independent Director on the boards of ACC Ltd., Star Health Insurance, UGRO Capital Ltd., and MK Ventures Capital Ltd. His addition to the Paytm board is expected to further strengthen the company’s governance framework as it continues its mission to drive financial inclusion in India.
