Homegrown financial services firm JM Financial will see managing director Vishal Kampani step down to take the non-executive role of vice-chairman from October, paving the way for two insiders to become joint MDs.
Kampani’s five-year term as the MD will end on September 30, and he has voluntarily decided not to get re-appointed in line with the new regulatory requirement for listed entities coming into effect from April next year.
The norm “requires that the chairman not be related to the MD Vishal Kampani who is a relative (son) of Nimesh Kampani, who is the non-executive chairman,” the company informed in a stock exchange filing.
Atul Mehra and Adi Patel, co-CEOs of the investment banking business,
have been appointed as joint MDs of the firm from October for a period of up to three years.
The decisions were taken following a board meeting today after the recommendations of the nomination and remuneration committee.
Mehra (53) has been associated with JM Financial Group for more than three decades. A Harvard Business School alumnus, he joined JM Financial Group in 1991 as an analyst. Mehra holds a bachelor's degree in commerce and has completed his master’s in management studies from Welingkar Institute of Management.
Patel (52), a chartered accountant, has been associated with the financial firm for a little less than three decades. He joined the merchant banking division in 1993.