In September 2000, Ghyanendra Nath Bajpai superseded six executive directors to become the chairman of Life Insurance Corporation of India (LIC) for a 25-month term.
Today, five months ahead of his retirement, Bajpai took over as the chairman of capital market watchdog Securities and Exchange Board of India (Sebi). He was never reckoned to be a contender for the job but at the last moment emerged as the dark horse in a similar way when he was catapulted to the top post at LIC.
The day former LIC chairman G Krishnamurthy retired one of its managing directors (MD) also called it a day. The other MD who had only a couple of months to go before retirement, was not considered for the job, which has a fixed tenure of two years. That left the field open for the LIC's 23 executive directors. The senior-most among them was short-listed but could not get the job as he was due to retire in 23 months. The choice fell on Bajpai, seventh in seniority among the 23 EDs.
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That was the beginning of the rise of the man who changed the face, performance and image of LIC in flat 20 months. Born in Kanpur in 1942, Bajpai joined the corporation in 1965 as assistant administrative officer.
Viewed to be "people-oriented", Bajpai loves to meet his fellow employees and is known to be a real practitioner of human resource management. In fact, just before heading the vast empire as LIC chairman, Bajpai was the executive director personnel. "My people are my resources and valuable assets, and not liabilities," said Bajpai in the wake of criticism that LIC was over-staffed. He wanted 'his' people to acquire new skills and get redeployed in the organisation.
With the support of 'his' people, within less than two years of taking charge of the mammoth organisation, Bajpai rode the wave of new insurance consciousness brought in by the new players.
The state-owned life insurer recorded 65 per cent growth in business in 2000-01. In the current fiscal, growth rates have shot up to practically touch 280 per cent. A man with vision, Bajpai wanted to establish LIC as a multi-product financial powerhouse. That's why LIC took 27 per cent stake in Corporation Bank even though the Insurance Regulatory and Development Authority regulations has capped investment by insurance companies in any entity at 20 per cent. Bajpai was able to ensure that an exception was made in favour of LIC's plans. He also picked up substantial stake in Oriental Bank of Commerce.
His foresight in identifying the need to stay one step ahead of the competition paid off. Today, LIC is moving away from being a single product company to an institutional player worth its salt.
It is seeking to put its fingers into merchant banking activities, ensure better business by tying up with Corporation Bank's primary dealership arm, expanding and capitalising on the LIC Housing Finance company.
An avid golf player, Bajpai is at home on the golf course and equally at home in the office.
Since he took charge the monthly head of department meetings spilled over from Saturday afternoons well into the wee hours of Sunday mornings and into the afternoons as well. HDFC chairman Deepak Parekh once said that the only place he could catch Bajpai was in his office even on Sundays! He may carry on the same schedule in Sebi too though the markets are closed on Sundays.