Vipul Agarwal on Tuesday took over as the interim Chief Operating Officer of investment information and rating agency ICRA after the board of directors asked Naresh Takkar to proceed on leave until further notice.
The board's decision followed concerns raised in an anonymous representation forwarded to ICRA by the Securities and Exchange Board of India (SEBI).
Several rating agencies have come under the scanner of the government and the central bank in recent months following charges of financial irregularities by non-banking financial companies.
Apart from his role as the Chief Operating Officer and Group Chief Financial Officer, Agarwal will be responsible for handling ICRA ratings and non-ratings businesses. The senior management of ICRA and its group entities will report to him, according to a statement.
During Takkar's period of leave, Agarwal will report to the board of directors. Agarwal has been the Group Chief Financial Officer of ICRA since May 2015. He has over 23 years of experience in financial management, strategy, mergers, acquisitions, restructuring, treasury, taxation and accounting.
Agarwal is a Bachelor of Commerce (Hons) from the University of Delhi. He is a chartered accountant and a company secretary. Agarwal has diverse industry experience, majorly oil and gas. Before joining ICRA, Agarwal worked with Royal Dutch Shell, Cairn, and Jubilant as Chief Financial Officer.