SoftBank execs to quit Paytm, Policybazaar boards as part of global plan

Japanese tech conglomerate expects it would have fewer regulatory issues to tackle with strategy.

Representatives of SoftBank Group Corp will step down from the boards of Indian digital payments firm Paytm and the parent of online insurance aggregator Policybazaar, a person with direct knowledge of the matter said.

The decision is part of SoftBank's global strategy to exit from the boards of most of its listed portfolio companies, said the source, adding that the Japanese tech conglomerate expected it would leave fewer regulatory issues to tackle.

SoftBank will, however, retain its shareholding in the two Indian companies, added the source, who spoke on condition of anonymity as the matter has not yet been made public. SoftBank,