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Chief of Nomura Fixed Income quits days after losses and media report on inflated profits

Economic Times

Economic Times · 4m ago

Chief of Nomura Fixed Income quits days after losses and media report on inflated profits

Ujjwal Kumar, managing director of Nomura Fixed Income Securities, resigned after media reports suggested the company's India unit inflated profits. Nomura Holdings is reportedly investigating the matter, despite their denial of any ongoing compliance probes. Kumar's resignation comes amid published quarterly losses, contrasting with the previous year's profits. The investigation is examining whether profits were inflated through positions marked to theoretical prices instead of actual market liquidity. Kumar had joined Nomura in June 2023.

Related News

Axis Bank: Neeraj Gambhir named ED, senior exececutive Arjun Chowdhry quits

Economic Times

Economic Times · 8m ago

Axis Bank: Neeraj Gambhir named ED, senior exececutive Arjun Chowdhry quits

Axis Bank has appointed Neeraj Gambhir as a whole-time director, designated as executive director, effective August 4. Gambhir, with over three decades of experience in India's financial sector, is currently the group executive-treasury, markets, and wholesale banking products at Axis Bank. Previously, he served as managing director and head of fixed income at Nomura India. Separately, Arjun Chowdhry, group executive-affluent banking, cards, payments, and retail lending, will step down in 2025 to pursue entrepreneurship.

‘Shittier than platform & chemical bubble of 2021’: Market analyst warns correction worse than 2022 crash

Business Today

Business Today · 1y ago

‘Shittier than platform & chemical bubble of 2021’: Market analyst warns correction worse than 2022 crash

Kumar Saurabh, a market analyst, warns that the current market correction is harsher than the 2022 crash, with many stocks experiencing drastic declines. Some stocks that surged previously were overvalued, leading investors to face steep losses of 70-90%. He emphasizes that companies with real cash profits typically recover over time, cautioning against investing in inflated stocks and stressing the unpredictable nature of market rebounds.

JioStar’s Chief Revenue Officer Ajit Varghese Quits

Inc42 · 7m ago

JioStar’s Chief Revenue Officer Ajit Varghese Quits

Ajit Varghese, chief revenue officer at Reliance-backed JioStar, has resigned. He is set to join Madison Media as group CEO, overseeing its outdoor advertising vertical, OOH. Mahesh Shetty, JioStar’s head of revenue and large customer base business, will replace Varghese as CRO. This change follows the completion of the Reliance-Disney merger and JioStar's formation in November 2024.

Yubi Group rejigs top management to aid expansion

YourStory

YourStory · 1y ago

Yubi Group rejigs top management to aid expansion

Chennai-based fintech unicorn Yubi Group has made several key appointments within its group companies. Bharat Krishnamurthy has been promoted to the Chief Technology Officer position for lending platform Yubi and fixed-income investment platform Aspero. Ramesh Ramanathan has been made Deputy Chief Financial Officer for the group, Anand Narayanan has been appointed Chief Product Officer of Yubi and SaaS platform Corpository, and Amitesh Bhattacharya will serve as the Group General Counsel. Yubi Group has been expanding its market presence and increasing client engagement to drive revenue growth. They have recently hired over 90 people and added shares to their stock option plan.

Exclusive: Wealthtech startup Jiraaf to raise fresh money from Accel and others

Entrackr

Entrackr · 1h ago

Exclusive: Wealthtech startup Jiraaf to raise fresh money from Accel and others

Exclusive: Wealthtech startup Jiraaf to raise fresh money from Accel and others Fixed income platform Jiraaf is set to raise nearly Rs 44 crore (approximately $4.7 million) in an extended Series B funding round from a mix of existing and new investors. This significant fundraise comes for the five-year-old startup after two and a half years. According to its regulatory filing, the company will allot a total of 47,576 Series B5 compulsorily convertible preference shares (CCPS) with a face value of Rs 8,022 each, aggregating to Rs 38.16 crore. Aspire Financial will infuse nearly Rs 20 crore, while Accel will invest Rs 18 crore in the new round. Angel investor Anand Shah is also participating with an investment of about Rs 16.7 lakh. In a separate tranche, Hindustan Media Ventures will invest Rs 5.6 crore, including 6,755 Series B4 CCPS and one equity share, taking the total amount raised through these filings to Rs 43.76 crore. Founded in September 2021 by Saurav Ghosh and Vineet Agrawal, Jiraaf offers fixed income investment opportunities through a digital platform. It provides products such as treasury bills, corporate bonds, asset leasing, and venture debt, with yields ranging from 7% to 18% and tenures between 30 days and 3 years. Prior to this, Jiraaf raised a $8.7 million round co-led by Accel and Harmony, along with Capital A and other angel investors. On the financial side, the company’s operating revenue rose 14% to Rs 20 crore in FY25 from Rs 17.5 crore in FY24. Jiraaf also reduced its losses by 17% to Rs 25.75 crore during the same period. It competes with the likes of Wint Wealth, IndiaBonds and Stable Money, among several others.

Byju’s CFO quits and rejoins Vedanta to oversee restructuring

Economic Times

Economic Times · 2y ago

Byju’s CFO quits and rejoins Vedanta to oversee restructuring

Byju's Chief Financial Officer (CFO) Ajay Goel has left the company after about six months and returned to Vedanta, which is restructuring its businesses. Nitin Golani, the current president (finance) at Byju's, will take on additional responsibilities as India Chief Finance Officer. Goel's departure comes as Byju's is yet to furnish its audited FY22 results, which have been delayed and are a key concern for investors and lenders. Byju's has seen several top-level exits recently and is looking to sell group assets to clear its $1.2 billion term loan.

BharatPe CPO Ankur Jain quits to start his own venture

Entrackr

Entrackr · 2y ago

BharatPe CPO Ankur Jain quits to start his own venture

Ankur Jain, the Chief Product Officer (CPO) of fintech company BharatPe, has resigned from his position after serving for over three years. He is reportedly leaving to start his own startup in the AI and ML space. Jain's exit follows a series of high-profile departures at BharatPe in recent years, including the Chief Business Officer Nishant Jain and former executive Dhruv Dhanraj Bahl. BharatPe has confirmed Jain's departure and is currently searching for a seasoned product leader to fill the vacant role.

Livspace CBO Lalit Mittal quits amid layoffs, cofounder exit - The Economic Times

Economic Times

Economic Times · 23d ago

Livspace CBO Lalit Mittal quits amid layoffs, cofounder exit - The Economic Times

Livspace's Chief Business Officer, Lalit Mittal, has left the company to pursue his own entrepreneurial path, following cofounder Saurabh Jain's exit. Mittal, who joined Livspace in 2019 and became CBO in 2022, played a key role in the company's operations. Livspace, known for connecting homeowners with design services, recently laid off 1,000 employees amid reorganization. The company reported significant revenues for the fiscal year but also faced substantial net losses.

Adda247 Cofounder Chandan Singh Quits After 5 Years

Inc42 · 1y ago

Adda247 Cofounder Chandan Singh Quits After 5 Years

Nearly two years after his promotion to cofounder of Adda247 from his previous role as Chief Product Officer (CPO), Chandan Singh has decided to leave the edtech startup. He announced his departure in a LinkedIn post, revealing that he officially stepped away from the company last month. Singh’s exit marks a significant transition for both him and the startup.

Govt bonds on investor radar again as yields surge, FDs lag

Economic Times

Economic Times · 6m ago

Govt bonds on investor radar again as yields surge, FDs lag

Surging bond yields have made government bonds an attractive option for long-term investors, surpassing bank fixed deposits in returns. Experts highlight that the current environment provides a favorable entry point due to higher yields, especially after-tax. State Development Loan yields have also increased, offering appealing options for retail investors seeking stable income with quasi-sovereign safety. The rising bond yields present a rare opportunity for better returns compared to traditional fixed deposits.

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