Sumir Chadha, managing director, Sequoia Capital has been elected as chairman of the executive committee of Indian Private Equity & Venture Capital Association (IVCA) for the two-year term — January 2011 to December 2012. This was the first ever election held in the 17-year history of IVCA. Ashley Menezes, managing director, ChrysCapital Investment Advisors, has been elected as the vice-chairman. IVCA is the largest private equity association in India with 141 members.
Five other members elected to represent the executive committee include Darius Pandole of New Silk Route (NSR) Partners, Niten Malhan of Warburg Pincus, Nitin Deshmukh of Kotak Investment Advisors, Satish Kumar Mandhana of IDFC Private Equity, Sudhir Sethi of IDG Ventures India. The new executive committee takes charge effective from January 1, 2011 till December 31, 2012.
Other nominees in the race were Achal Ghai, founder and managing partner-Avigo Capital, Alok Mittal, MD-Canaan India, Archana Hingorani, CEO- IL&FS Investment Managers Limited, Bharat Banka, CEO- Aditya Birla Capital Advisors Private Limited, Dhanpal Jhaveri CEO- Everstone Investment Advisors, Girish Gupta, CEO-Rajasthan Venture Capital Fund and Vishal Tulsyan, CEO-Motilal Oswal Private Equity Advisors Pvt. Ltd.
“The large number of members that ran for the seats reflect the increased attention by the PE/VC firms and is a strong statement that the PE/ VC industry feels the need to come together to bring about positive change,” said an industry expert.
IVCA supports the emergence of new categories of investors, including VC firms and later-stage private equity firms. IVCA works to promote sound public policy on issues related to tax, regulation and securities through representation to Securities and Exchange Board of India (SEBI), Ministry of Finance (MoF), Reserve Bank of India (RBI) and other government departments.
