Paytm Appoints Rajeev Agarwal As Non-Exc Independent Director, Neeraj Arora Resigns

On 17 June, Paytm announced the appointment of Rajeev Krishnamuralilal Agarwal as a non-executive independent director, marking the latest change to its board of directors. This appointment is effective immediately, as disclosed in a statement to the exchanges.

Simultaneously, the board accepted the resignation of Neeraj Arora from his position as a non-executive independent director, citing preoccupation and other personal commitments. Arora's resignation will take effect at the close of business on 17June.

Agarwal, an engineering graduate from IIT-Roorkee and a member of the 1983 batch of the Indian Revenue Service, brings extensive experience in securities markets, commodity markets, and taxation, according to a company press release.

With over four decades of experience in the stock market, including 28 years with the Indian Revenue Services, Agarwal has played a crucial role in significant market policy reforms. As a whole-time member of SEBI, he contributed to major initiatives such as the revival package for the mutual fund industry in 2012 and the merger of the Forward Markets Commission with SEBI in 2015. He also led several IPO reforms to enhance transparency, introduced the offer for sale mechanism for PSU disinvestment, and supported the growth of the SME exchange, thereby broadening capital-raising opportunities for small enterprises and startups.

Currently, Agarwal serves as Chairman and Independent Director on the board of Trust Mutual Fund and holds independent directorships at ACC Ltd, Star Health Insurance, UGRO Capital Ltd, and MK Ventures Capital.

Paytm highlighted that Agarwal's extensive experience will significantly strengthen its compliance and regulatory framework.

Vijay Shekhar Sharma, Founder & CEO of Paytm, expressed his enthusiasm about the new appointment: “I am very happy to welcome Rajeev Agarwal to the Paytm board. His expertise in regulatory and government-related matters will be an invaluable addition to our board. I would also like to express my gratitude to 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.”