Orbis Financial Corporation Ltd, a custodial services provider to banks, on Friday named Rajesh M Sharma as its chief executive officer.
The Gurgaon-based company also appointed Manoj Agrawal as its chief operating officer, it said in a statement. Founder Atul Gupta has taken over the role of executive chairman, it added.
Sharma was previously an executive director at Standard Chartered bank for transaction banking. He also headed the securities services and corporate agency and trust for India and South Asia, the company said. Agrawal was previously the chief operating officer at Deutsche Bank.
Orbis had recently inducted former Religare Enterprises CEO Shachindra Nath as an independent director. Nath had told VCCircle in July that he would help the company improve governance standards required for any form of banking services.
Besides, Orbis had named Michael Jaeggi, former managing director at Clearstream Banking, as an independent director. Jaeggi, who was also the chairman of the board of Frankfurt-based Deutsche Boerse Commodities Gmbh, is also Orbis’ representative director for Europe.
Orbis provides custodial services such as clearing and settlement of securities market transactions to foreign and institutional investors. The company 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 also planning to expand to include services such as derivatives clearing and loans against shares. It was founded by Gupta, who also started brokerage firms Batlivala and Karani Financial Services as well as Orbis Securities, which later became Indiabulls Securities.
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