According to the company's regulatory filing, the Union Ministry of Corporate Affairs has approved Hitesh Kumar Sethia's appointment as the CEO and Managing Director of Jio Financial Services, effective November 15, 2023.
The ministry also stated that the appointment is subject to certain conditions. Sethia must provide an undertaking to the company, ensuring that he will not engage directly or indirectly, through his spouse or minor children, with any selling agency related to the company without prior approval from the central government. The appointment will be contingent upon this undertaking, and any violation will result in termination.
Who is Hitesh Kumar Sethia?
Hitesh Kumar Sethia is a certified chartered accountant with an Advanced Management Program certification from Harvard Business School Executive Education. With over 20 years of experience, most of his career was spent at ICICI Bank, where he held leadership roles in ICICI Bank Canada, ICICI Bank Germany and oversaw operations in the UK and Hong Kong. In 2022, Sethia joined McLaren Strategic Ventures as Head of Europe.
In July 2023, the board of Reliance Industries appointed Sethia as the Managing Director and CEO of Reliance Strategic Investments Limited (RSIL), now known as Jio Financial Services.
