The new director of Financial Technologies has an interesting background
Sucheta Dalal On 17th September, Financial Technologies announced the appointment of TC Nair as an independent director. This was at a time when dozens of independent directors, former Union secretaries, regulators, bank chairmen, industrialists and group senior officials were rushing for the exit door. On the face of it, Mr Nair seems a great catch. Financial Technologies was hunting for former regulators and, while many had turned down the offer, this former whole-time director of SEBI and ex-managing director at Bharatiya Reserve Bank Note Mudran Ltd was happy to accept. While other directors of the FT-MCX group were probably worried about the onerous new liabilities and punitive provisions of the Companies Act 2013, Mr Nair is probably relying on his hitherto charmed existence. In 2007, TC Nair was at SEBI and in charge of regulating the Stock Holding Corporation of India Limited (SHCIL) which was a quasi-public sector company indulging in a serious scam under a rogue CEO named R Jayaraman Iyer.