Reliance Capital's long time CEO Sam Ghosh will leave the company w.e.f. March 31, 2017.
He spent 9 years at the financial services arm of the ADAG business conglomerate.
Ghosh had joined the company in April of 2008 as Group CEO of Reliance Capital.
He was elevated to the board in May 2015.
Ghosh will complete his term of office on March 31, 2017.
Reliance Cap is on track to become a CIC or Core Investment Company by March 31, as per RBI guidelines.
Ghosh was a CA from the UK. He played a key role in expanding core businesses during divestment of non-core assets to step up resources.
What is a CIC?- A CIC-ND-SI is a Non-Banking Financial Company with asset size of INR 100 crore and above
- It is carrying on the business of acquisition of shares and securities
- It holds not less than 90 percent of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies;
- Its investments in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its net assets
- It does not trade in its investments in shares, bonds, debentures, debt or loans in group companies except through block sale for the purpose of dilution or disinvestment;
- It does not carry on any other financial activity referred to in Section 45I(c) and 45I(f) of the RBI Act 1934 except investment in bank deposits, money market instruments, government securities, loans to and investments in debt issuances of group companies or guarantees issued on behalf of group companies.
- It accepts public funds
