Shachindra Nath, who left as group chief executive officer of Religare Enterprises Ltd last month, has joined the board of non-banking custodial services provider Orbis Capital Ltd.
Nath told VCCircle that he has joined the Orbis board in a non-executive capacity and will help the company improve governance standards required for any form of banking services.
Nath said that the Reserve Bank of India has changed the landscape of banking in India after issues licences for new banks, small finance banks and payment banks in the past two years to expand the reach of banking services in the country. “Given that none of the global custodial players are in India, custodial banking would allow access of global investors to Indian markets in a more efficient manner,” he said.
He declined to say whether he will take up an executive role in another company.
The development comes almost four months after Nath resigned from financial services company Religare; his resignation was effective June 3.
Nath was one of the key founding team members at Religare and had been associated with the company since 2000. He led the company’s initial public offering in 2007, formed joint ventures and built various businesses at the company from scratch.
A lawyer by training, Nath studied at the Benares Hindu University. Prior to joining Religare, he worked in the manufacturing and financial services sectors.
Orbis Capital, which provides custodial services such as clearing and settlement of securities market transactions to foreign and institutional investors, is out to raise around Rs 500 crore from private equity firms to fund its diversification plans and setting up a custodian bank.
The firm is planning to expand to include services such as derivatives clearing and loans against shares. It is headed by Atul Gupta, its founder and managing director. Gupta also founded brokerage firms Batlivala and Karani Financial Services and also Orbis Securities, which later became Indiabulls Securities.
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