Varma to Quit Paytm, Policy Bazaar Boards

Munish Varma, managing partner at SoftBank Investment Advisors, is stepping down from the boards of Paytm and Policy Bazaar, people briefed on the matter said. This comes after both companies listed on the Indian bourses last November.

Source aware of the development said this was in line with Soft Bank’s policy of stepping down from the boards of portfolio firms once they go public.

The Companies are expected to make a formal announcement to the stock exchanges.

Paytm, Policy Bazaar and Soft- Bank weren’t immediately available for comments on the matter.

Varma’s exit from Paytm comes as the firm faces a regulatory crackdown, with the RBI having banned it from adding new customers to its payments bank last week.

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