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Equitas SFB CEO PN Vasudevan resigns over perceived conflict of interest

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Equitas SFB CEO PN Vasudevan resigns over perceived conflict of interest

Equitas SFB MD & CEO PN Vasudevan has submitted his resignation and will continue until his successor takes over. His resignation comes amid investor concerns over a perceived conflict of interest linked to his daughter’s NBFC

Equitas SFB MD & CEO PN Vasudevan has submitted his resignation and will continue until his successor takes over. His resignation comes amid investor concerns over a perceived conflict of interest linked to his daughter’s NBFC . Chennai-based Equitas Small Finance bank on Thursday announced the resignation of P. N. Vasudevan, Managing Director and Chief Executive Officer, as per the regulatory filing. In his resignation letter, Vasudevan said the decision was also intended to address investor concerns over a perceived conflict of interest arising from his daughter’s role as co-promoter of an NBFC that received a Reserve Bank of India licence in 2023. He stated that the relationship had been disclosed to the board and the RBI, and that there had been no transactions between the bank and the NBFC apart from a short-term deposit placed around two-and-a-half years ago and repaid at maturity. Advt

Vasudevan said the perception of a conflict had persisted despite his explanations to investors. "Sometimes perception can be bigger than the reality," Vasudevan said in his resignation letter. The board has requested Vasudevan to continue as MD and CEO until his successor takes over. The bank’s Nomination and Remuneration Committee will identify and recommend suitable internal and external candidates for the board’s consideration. The appointment will be subject to RBI and other applicable regulatory approvals.


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