According to JM Financial Services, Mehra formally submitted his resignation on January 19. He is expected to leave the company by April 20.
After working for JM Financial Services for 33 years, investment banker Atul Mehra has resigned from his role as joint managing director, the company announced in a filing with the stock exchanges on Saturday.
According to persons with knowledge of the situation, he is expected to join Axis Capital as managing director and chief executive. Dharmesh Mehta departed from the role in December 2018 to start his own investment bank, leaving the post empty.
According to the persons, Mehra will be in charge of managing loan syndication, institutional equities, research, securities markets, mergers and acquisitions, equity capital markets, and other relevant business operations at Axis Capital.
They stated that after Mehra takes over, the function of interim managing director Salil Pitale—who has held the post since Mehta’s resignation in 2018—is still unclear.
According to JM Financial Services, Mehra formally submitted his resignation on January 19. He is expected to leave the company by April 20.
His resignation was announced as a result of his search for new professional prospects.
Mehra, a 1991 graduate of Harvard Business School, began working at JM Financial Services as a management trainee, advanced through the ranks, and oversaw investment banking for a number of years. He was elevated to the group’s joint managing director post in 2022. He has collaborated closely with numerous top business houses and led some of India’s biggest equity fundraising campaigns.
Chirag Negandhi from Axis Capital joined JM Financial Services as a senior management executive last month. Negandhi worked for Axis Capital for almost 14 years as a co-CEO and joint managing director.
JM Financial Services moved up from 11th place in 2022 to sixth place in the Indian equity capital market league table for 2023. On the other hand, at this time Axis Capital dropped from eighth to ninth place.
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