SUMMARY
Headed by ex-SEBI chairman M Damodaran, the committee will work closely with Paytm’s board to further strengthen compliance guardrails at the company
The panel also comprises names such as ex-ICAI president MM Chitale and former chairman and MD of Andhra Bank R Ramachandran
The development comes amid the RBI’s regulatory crackdown on the fintech major’s payments bank over material supervisory concerns
In the middle of a regulatory quagmire, fintech major Paytm on Friday (February 9) announced the formation of a group advisory committee to address compliance and regulatory issues.
The panel will be headed by former SEBI chairman M Damodaran. Other members comprise ex-Institute of Chartered Accountants of India (ICAI) president MM Chitale and former chairman and managing director of Andhra Bank R Ramachandran.
In a regulatory filing, One 97 Communications, the parent of the fintech major, said the committee will work closely with its board to further strengthen compliance guardrails. It also said that the panel will induct additional members, as necessary.
“The Board of One 97 Communications announces formation of a group advisory committee chaired by former SEBI Chairman Mr. M. Damodaran, to work with the Board in further strengthening compliance, and regulatory matters… Committee will work closely with the Board,” said the fintech giant.
