SBI Playing cards’ Negi set to be BharatPe CFO

NEW DELHI : Former chief monetary officer (CFO) of SBI Playing cards and Fee Companies, Nalin Negi, is about to take over as the primary full-time CFO of BharatPe, an individual within the know stated, in search of anonymity.

In a regulatory submitting on 3 Could, SBI Playing cards introduced the resignation of Negi, efficient 31 July.

Negi was appointed because the CFO of the bank card and cost options agency in December 2017.

In April, BharatPe had employed an government from consulting agency Alvarez & Marsal as interim CFO. The corporate had stated it’s “within the strategy of finalizing the candidate for the function of CFO.”

The transfer is in keeping with BharatPe’s plan to overtake its governance framework following a evaluate in January.

The fintech agency, which helps store homeowners to make digital funds by way of QR codes, has been criticized for not appointing a full-time CFO, apart from assembly regulatory obligations.

Regardless of elevating $580 million in fairness from marquee buyers, comparable to Sequoia Capital, Ribbit Capital and Tiger International to achieve a valuation of $2.8 billion, BharatPe by no means had a certified CFO.

In January, Mint reported that Madhuri Jain, former managing director Ashneer Grover’s spouse, was answerable for procurement, finance and human assets, as the pinnacle of controls proper from the beginning. “At instances, the corporate did attempt to have a look at hiring a CFO however that call was turned down by Grover,” an individual in search of anonymity had stated again then.

Jain was allegedly concerned in irregularities in recruitment and funds, in keeping with the findings of an unbiased probe by A&M, which ultimately led to the ouster of Grover and Jain, Mint had first reported on 4 February.

BharatPe, which is trying to launch its preliminary public providing subsequent yr, is trying to handle regulatory issues. Securities and Alternate Board of India has mandated firms trying to go public to have full-time CFO a minimum of six months earlier than submitting the draft prospectus.

“With a number of tech startup listings, markets regulator Sebi has noticed that CFOs had been being employed on the final minute. Going ahead, Sebi will clear DRHPs solely when it sees that the CFO has been with the corporate for a minimum of six months,” stated a regulatory official additionally requesting anonymity.

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