IIFL Securities Appoints Nemkumar as Managing Director

IIFL Securities Appoints Nemkumar as Managing Director
IIFL Securities Appoints Nemkumar as Managing Director

He joined IIFL in 2007 to scale up the institutional equity business, and under his leadership, IIFL has emerged as one of the leaders in the segment.

Mumbai, Maharashtra, India /Business Wire/, May11, 2024: IIFL Securities Limited, a leading financial services house, today said that it has appointed Mr. Nemkumar H, Whole-Time Director on the Board, as the Managing Director with effect from May 15, 2024, for a period of 5 years. Mr. R. Venkataraman is currently the chairman and managing director of the company. His tenure as Managing Director is due to expire on May 14, 2024. Mr. Venkataraman has decided not to seek renewal of his term as managing director. However, Mr. Venkataraman shall continue as the Chairman and Non-Executive Director on the Board of the Company. The Board believes that the separation of the posts of Chairman and Managing Director is better aligned with good corporate governance standards.

Mr. R. Venkataraman said, “The board-level changes effected today will further strengthen the company’s governance structure and usher in a renewed focus to drive continued growth. I have worked with Nemkumar for many years. His deep understanding of capital markets will help the company scale up its various businesses. I also thank the board members and my colleagues for their support during my tenure as managing director.”

Mr. Nemkumar, a rank-holder Chartered Accountant, is a founding member of IIFL’s Institutional Equities business. He joined IIFL in 2007 to scale up the institutional equity business, and under his leadership, IIFL has emerged as one of the leaders in the segment. Prior to joining IIFL, Mr. Nemkumar spent nearly ten years at CLSA India as an equity analyst, as Head of Research, and in his last role as Country Head. He started his career at BPCL and worked there for 8 years in the corporate treasury and pricing departments.

Commenting on his appointment as Managing DirectorMr. Nemkumar said, “After having spent seventeen years building and growing IIFL’s institutional equities business, I am privileged to take up the role of the Managing Director of the Company. I am fortunate to have had the opportunity to work closely with the group’s founders, Nirmal and Venkat, and look forward to their continued wise counsel, guidance, and support. I believe that the growth opportunity for our company is large and expanding. The company’s strong entrepreneurial culture will enable us to further strengthen our competitive positioning and capitalize on the big opportunity that India offers. I am thankful to the company’s board for giving me this opportunity, and I look forward to their continued support.”

The company has also appointed Mr. Narendra Jain as a whole-time director for another five-year term.

Mr. Narendra Jain is a whole time director on the board of the company. He is a Chartered Accountant and has over 28 years of experience in the financial services industry, specifically in areas such as operations, taxation, internet banking, and finance. In the past, he was associated with ICICI Brokerage Service Limited, where he worked in areas like operations, risk, compliance, and the design and development of systems and processes. He was also associated with Hindustan Petroleum Corporation Limited, where he was involved in indirect taxation and marketing analytics.

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