Paytm forms advisory committee to work with Board to strengthen compliances

NEW DELHI, (ANI): The Board of One 97 Communications Limited, which operates popular fintech brand Paytm, announced the formation of a Group Advisory Committee chaired by former SEBI Chairman M Damodaran, to work with the Board in further strengthening compliance, and regulatory matters.

In an official release issued on Friday, the company said that the Committee includes veteran professionals like MM Chitale, former president of the Institute of Chartered Accountants of India (ICAI) and a former governing Council Member of Banking Codes and Standards Board of India nominated by RBI.

The Committee also included banking experts like R Ramachandran, former Chairman and Managing Director of Andhra Bank. “The Board of One 97 Communications Limited (OCL, or the Company), which owns the brand Paytm, India’s leading payments and financial services distribution company and the pioneer of QR and mobile payments, today announced the formation of a Group Advisory Committee, of 3 members, chaired by M Damodaran,” it release stated.

The Group Advisory Committee will work closely with the Board. The Committee will induct additional members, as necessary. Meleveetil Damodaran, IAS (Retd.), will serve as the Chairperson of the Committee, who brings extensive experience in corporate governance, restructuring, and regulatory leadership.

He has previously served as Chairman of the Securities and Exchange Board of India (SEBI) and has chaired high-powered committees for the Government of India and Reserve Bank of India (RBI) and was also elected Chairman of the EMC of the International Organisation of Securities Commission (IOSCO). The other Committee member, Mukund Manohar Chitale, who is the former President of the Institute of Chartered Accountants of India (CAI), former Chairman of the National Advisory Committee on Accounting Standards (NACAS), a former governing Council Member of the Banking Codes and Standards Board of India nominated by RBI, and a member of the Primary Advisory Market Committee of SEBI.

Ramachandran Rajaraman, who is the former Chairman and Managing Director of Andhra Bank, a former Whole Time Director of Syndicate Bank, and a member of the Advisory Board at Central Vigilance Commission. The Company’s management says it is committed to drive sustainable business growth while adhering to a regulatory and compliance framework. (ANI)