IIFL Capital Services Ltd announces changes in top management

IIFL Capital Services Limited has announced that the Board of Directors at its meeting held today has made the following changes to the top management:

- Nemkumar H steps down as Managing Director and member of the Board to focus exclusively on business development, And designated Chief Growth Officer

- R. Venkataraman takes over the role of Managing Director

- Rekha Warriar, Independent Director, appointed Chairperson of the Board

Nemkumar joined IIFL in June 2007 and is a founding member of the Institutional Equities (IE) business. IIFL's IE business comprising principally of institutional broking and investment banking has scaled up well over the years.

Over the past few months, IIFL Capital Services Ltd. has embarked on a new growth journey with a focus to widen revenue streams, enhance growth potential and improve quality of earnings. The recent foray into wealth management is one of the key new initiatives that the Company has taken to move towards this goal.

Nemkumar has nearly three-decade experience in equity research, institutional equities, investment banking and building mutually enriching relationships with investors and corporates. For the Company as well as all its stakeholders, the Board believes that a better value add would be to have his undiluted focus on business development. Accordingly, the Board has designated him as Chief Growth Officer and accepted his resignation from the post of Managing Director. Subsequently, the Board of Directors has appointed R. Venkataraman, Co-promoter of IIFL Group, as the Managing Director of the Company, w.e.f. March 22, 2025, for a period of 5 years.

Further, the Board has appointed Rekha Warriar, Independent Director, as Chairperson of the Board ensuring separation of the roles of Chairperson and Managing Director, which aligns with good corporate governance standards.

Rekha has been associated with the Company since 2019 as an Independent Director. With over 31 years of extensive experience at the Reserve Bank of India (RBI), Rekha has gained unparalleled expertise in areas such as Foreign Exchange, Financial Stability, Internal Debt Management, and Rural Development. As Chairperson, Rekha will continue to provide the Company with invaluable guidance on corporate governance, regulatory compliance, and social initiatives. Her vast experience with the RBI, where she held senior roles in multiple departments, equips her with the skills needed to lead the Board effectively and strengthen the Company's corporate governance framework.

Shares of IIFL Capital Services Limited was last trading in BSE at Rs. 219.55 as compared to the previous close of Rs. 211.65. The total number of shares traded during the day was 29873 in over 813 trades.

The stock hit an intraday high of Rs. 221.30 and intraday low of 212.00. The net turnover during the day was Rs. 6485548.00.

Source : Equity Bulls

Keywords

IIFLCapitalServices INE489L01022 TopManagement Changes