Nippon Life India AMC CFO Prateek Jain Resigns

Nippon Life India Asset Management Ltd.'s Chief Financial Officer, Prateek Jain, has tendered his resignation, citing personal reasons.

Jain is being relieved of his duties with immediate effect by the close of business hours on Dec. 29, it said in an exchange filing on Friday.

"The company acknowledges his contributions during his tenure of almost 11 years and extends its best wishes to him," it said.

The AMC has commenced the process of finding a suitable replacement in this regard, it said.

"My decision arises from concerns around my personal/family considerations, which I must reconcile at this stage of my life," Jain said in his resignation letter.

"I have worked with great satisfaction to see its AUM grow more than four times and profits more than three times. I have had the privilege to oversee (the) acquisition of Goldman Sachs' portfolio, NAM India's IPO and several other achievements. It has been a very fulfilling journey," he said.

Shares of Nippon Life closed 2.43% higher at Rs 447.85 apiece on the NSE, as compared with a 0.22% decline in the benchmark Nifty 50.