On the basis of recommendation of the Nomination and Remuneration Committee and the Risk Management Committee, the Board of Directors vide resolution passed by circulation on 16 September 2021 has appointed Mr. Sharad Pareek as the Chief Risk Officer of Poonawalla Fincorp Limited w.e.f. 16 September 2021 in place of Mr. Girish Poddar who has demitted his office w.e.f. close of business hours of 15 September 2021. Mr. Poddar would move to credit monitoring role in the organization.
Mr. Sharad Pareek, MBA from South Gujarat University and holds B. Sc. Degree from Narmada College of Science and Commerce. Mr. Pareek is a recognized Risk Management Leader with 360° understanding of lending business, ability to catalyze building of an organization from ground up. Champion in establishing systems to recognize, identify, and measure market and operational risks incurred by the financial institution, promoting risk management frameworks and monitoring control processes for operational, market, and credit risk.
Mr. Pareek carries with him a wealth of rich experience in managing Risk for financial institutions. In his last assignment at HDB Financial Services, he managed risk for consumer finance. In his career spanning more than two decades he has been associated with various prestigious organizations like Barclays Bank Plc, General Electric, HDFC Ltd.
Throughout his career, Mr. Pareek has demonstrated a keen eye for detail, enabling solutions aimed to increase access to affordable credit to customers. He has good understanding of various asset classes on the retail lending side having worked across the spectrum of secured and unsecured loans.
To his credit Mr. Pareek has ideated and deployed various standardized machine-based decision making models. He is adept at optimizing resources using technology resulting in high quality risk monitoring and mitigation systems integral to the core functions of Risk Management.
Shares of Magma Fincorp Limited was last trading in BSE at Rs. 182.5 as compared to the previous close of Rs. 180.5. The total number of shares traded during the day was 144232 in over 2685 trades.
The stock hit an intraday high of Rs. 184.5 and intraday low of 180. The net turnover during the day was Rs. 26325734.