SEBI Clamps Down: PFS Chairman Rajib Kumar Mishra Removed

Rajib Kumar Mishra has been removed from his position as chairman of PTC India Financial Services Ltd by SEBI. The regulatory body prohibited him from holding directorial roles in any listed company for six months due to corporate governance lapses. SEBI also fined Mishra Rs. 10 lakh.

In a significant regulatory move, SEBI has ordered the removal of Rajib Kumar Mishra from his role as chairman of PTC India Financial Services Ltd (PFS). According to the regulatory filing effective June 12, 2024, Mishra has been barred from holding any directorial or key managerial roles for six months.

The regulator took action after discovering corporate governance lapses at PFS, classifying Mishra as acting in collusion with former MD and CEO Pawan Singh. SEBI has also imposed a financial penalty of Rs. 10 lakh on Mishra.

In its detailed order, SEBI found that Pawan Singh had grossly misused his position to prevent the appointment of Ratnesh as Whole Time Director (Finance) and Chief Financial Officer (CFO), with Mishra being an accomplice. The ruling extends to prohibiting Singh from any directorial roles for two years with an additional penalty of Rs. 25 lakh.

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