Analyzing the Impact of Paytm’s Recent Appointment: Former IRS Officer Rajeev Agarwal as Independent Director

Paytm has appointed Rajeev Krishna Muralilal Agarwal, a former IRS officer and SEBI whole-time member, as its new non-executive independent director, succeeding Neeraj Arora, who resigned due to personal commitments.

The decision, finalized during a June 17 meeting and approved based on the Nomination and Remuneration Committee’s recommendation, takes immediate effect for a five-year term.

In response to Arora’s resignation citing personal obligations, the Board acknowledged his departure from the Nomination and Remuneration Committee and the Investment Committee.

With over four decades of experience, including 28 years in the Indian Revenue Services and significant contributions at SEBI, RKM Agarwal has been pivotal in market policy reforms. His achievements include facilitating the MF industry’s revival in 2012 and merging the Forward Markets Commission with SEBI in 2015.

Currently, Agarwal serves as chairman and independent director on boards including Trust Mutual Fund, ACC Ltd, Star Health Insurance, UGRO Capital, and MK Ventures Capital.

Vijay Shekhar Sharma, Paytm’s Founder & CEO, expressed enthusiasm about Agarwal joining the board, highlighting his expertise in regulatory and governmental affairs as crucial for Paytm’s strategic growth. Sharma also acknowledged Neeraj Arora’s significant contributions to the company’s progress.

Other notable members of Paytm’s board include president and CFO Madhur Deora, Ravi Chandra Adusumalli (Elevation Capital), Ashit Ranjit Lilani (Saama Capital), Pallavi Shardul Shroff (Shardul Amarchand Mangaldas & Co), and financial services veteran Gopalasamudram S Sundararajan.