Financial Services firm IIFL Securities Ltd on Friday said that it has appointed Nemkumar H as managing director for five years.
He would replace R Venkataraman, currently the chairman and managing director, from May 15, 2024.
The said appointment is subject to requisite regulatory and shareholders' approval, IIFL Securities said in a regulatory filing.
Venkataraman's tenure as managing director is due to expire on May 14, 2024 and he decided not to seek renewal of his term, it said.
However, Venkataraman shall continue as the chairman and Non-Executive Director on the board of the company, it said.
Nemkumar, currently a whole-time director on the board, joined IIFL Group in 2007. Prior to joining IIFL, he spent nearly ten years at CLSA India as an equity analyst, as head of research and in his last role as the country head.
Nemkumar said, the company's strong entrepreneurial culture will enable it to further strengthen competitive positioning and capitalize on the big opportunity that India offers.
Besides, the company has also appointed Narendra Jain as a Whole-Time Director for another five-year term.
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