Jio Financial gets ministry nod to appointment Hitesh Kumar Sethia as MD and CEO for 3 years

Jio Financial Services reported a net profit of Rs 310 crore for the January-March quarter of the financial year 2023-24.

Jio Financial Services has secured the approval from the Ministry of Corporate Affairs for the appointment of Hitesh Kumar Sethia as managing director and chief executive officer of the company.

The appointment is effective from November 15, 2023 and is valid for three years, Jio Financial Services said in a regulatory filing. The company received the approval on April 24, it said.

"The managerial personnel shall give an undertaking to the company that he shall not for long as he functions as such become interested or otherwise concerned directly or through spouse and/or minor children in any selling agency of the company in future without the prior approval of the central government. This appointment shall be conditional upon the furnishing of such an undertaking and shall cease in the event of the contravention of the same," the ministry said.

Sethia is an alumnus of Harvard Business School Executive Education where he pursued an advanced management programme and a certified chartered accountant. He has worked with companies across Europe, Asia, and North America.

Jio Financial Services reported a net profit of Rs 310 crore for the January-March quarter of the financial year 2023-24. The company’s net interest income (NII) stood at Rs 280 crore for the quarter. Its total income came in at Rs 418 crore and revenue at Rs 418 crore.

The company's market capitalisation exceeded Rs 2 lakh crore for the first time on February 23, driven by a 35 percent surge in its share price this year.

Also Read | Jio Financial, Blackrock ink pact for wealth management and broking business

At 10.16am on April 30, the company was trading in the green up 0.42 percent at Rs 382.10 apiece.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.