The Reserve Bank of India (RBI) has approved the appointment of Isha Ambani, Anshuman Thakur and Hitesh Kumar Sethia as directors of Jio Financial Services Limited. RBI has approved the appointments of these three on November 15.
RBI wrote in the letter, 'This approval is valid only for six months from the date of this letter. If the company fails to effect the proposal within this time limit, it will have to reapply with reasons for failing to effect the change at the first opportunity.'
In the meeting held on July 7, the company's board had recommended the appointment of Isha Ambani and Anshuman Thakur as non-executive directors. The company had said, 'The appointment of directors is subject to the approval of the members of RSIL and RBI. This appointment will be effective from the date of receipt of RBI approval. None of the proposed directors are related to other directors of RSIL.
The company had also approved the appointment of Hitesh Kumar Sethia as Managing Director (MD) and CEO of RSIL for a period of 3 years. The company had said in the filing that the appointment of Hitesh Kumar Sethia is subject to the company's members, RBI and other necessary approvals.
After this news, shares of Jio Financial Services closed at Rs 227.10 on Thursday with a rise of 1.32%. The market capitalization (m-cap) of the company has also reached Rs 1.44 lakh crore.
Isha Ambani graduated from Yale University with a dual degree in Psychology and South Asian Studies and has an MBA from Stanford University. He is part of the executive leadership team at Reliance Retail. Isha is also credited for conceptualizing and launching Jio in India in 2016.
Isha Ambani is leading the expansion of Reliance Retail verticals into new categories, geographies and formats. The company has presence in food, consumer electronics and fashion retail. It is the largest retailer in terms of reach, scale and revenue. Apart from this, Mukesh and Nita Ambani's daughter Isha is also associated with the work of Reliance Foundation.