Nippon India Life Asset Management (NAM India) on April 25 announced the appointment of UK Sinha as an Independent Director and Chairman of the Board with effect from May 1.
Sinha, a 1976 batch Indian Administrative Service (IAS) officer of Bihar cadre, during his three decades plus of experience has held several responsible government positions in India, including Joint Secretary (Banking) and Joint Secretary (Capital Markets) in the Ministry of Finance and Chairman of the Working Group on Foreign Investment in India.
Sinha was chairman of the Securities and Exchange Board of India (SEBI) from February 18, 2011 to March 1, 2017. He was succeeded by Ajay Tyagi.
He has also been the Chairman and Managing Director of UTI Asset Management and Chairman of the Association of Mutual Funds in India (AMFI).
As per NAM India, Sinha has actively contributed to the financial sector reforms in the country and is credited with starting the micro pension movement in India.
Under his leadership, SEBI introduced significant developmental changes in the areas of Foreign portfolio investment (FPIs), Alternative Investment Funds (AIFs), Real estate investment trusts (REITs), Infrastructure Investment Trusts (InvITs), and corporate governance.
On this development, NAM India stated, “We warmly welcome the induction of Sinha on the Board and to act as its chairperson. We believe that with his experience and leadership, NAM India will receive a further boost to the already existing culture of strong corporate governance & high standards of compliance & risk management and it would also help in the overall growth of the business”.
Minoru Kimura, the representative Director of Nippon Life Insurance (Sponsor/ Promoter), said, “As Sponsors of Nippon India Mutual Fund & Promoter of NAM-India, we are very pleased to take note of this important & positive development. We strongly believe that the CEO & the management team would stand to immensely learn & gain from Mr. Sinha’s rich & vast experience across various facets of securities markets”.
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Nippon India Mutual Fund is the fourth biggest asset management company in the 42-member Indian mutual fund industry with average assets under management of Rs 2.93 lakh crore for the March 2023 quarter.
Meanwhile, NDTV has appointed Sinha as an independent director and non-executive chairperson of the NDTV board of directors, the company said in a regulatory filing on March 27.