RBI clears appointment of S Ravindran as part-time chairman of TMB

The approval is subject to Ravindran, stepping down from his directorships in Shriram Finance and Bandhan AMC, prior to assuming charge

The Reserve Bank of India (RBI) has approved the appointment of S Ravindran as the part-time chairman of Tuticorin-based Tamilnad Mercantile Bank (TMB), effective February 29, 2024.  

The approval is subject to Ravindran, stepping down from his directorships in Shriram Finance and Bandhan AMC, before assuming charge as the part-time chairman of the bank, the lender said in a stock exchange filing. This comes after the apex bank declined TMB's recommendation to appoint B Vijayadurai as part time non-executive chairman of the lender last year. 

Ravindran holds a bachelor’s degree in Commerce. He is also a chartered accountant and cost accountant. He has an extensive work experience of 29 years at the Securities and Exchange Board of India (Sebi), where he served as the executive director from August 2011 to May 2022. He handled all the major departments in Sebi and initiated various policy measures for the development of securities markets relating to mutual funds, corporate governance, market infrastructure institutions and market intermediaries, market surveillance and risk management, IPOs, and accounting standards disclosure.

 

He was also an advisor to the Central Bank of Bahrain on deputation from Sebi from January 2005 to January 2010 wherein he drafted and implemented Bahrain’s securities market/ regulatory framework in line with international standards and enabled Bahrain to enter into a multilateral MOU with the International Organization of Securities Commissions (IOSCO).

He also served in various capacities - as chief general manager, general manager, and deputy general manager  - at Sebi from March 1993 to January 2005. During his association with Sebi, he set up the surveillance department and developed the integrated market surveillance system, handling major cases relating to 1999-2001 market manipulations, resulting in various enforcement actions. He also functioned as the Sebi nominee on the governing boards of stock exchanges. Currently, he is the chairman of Sebi's Intermediaries Advisory Committee.