Munish Varma to Step Down from Paytm, Policybazaar Boards

According to some reports, managing partner at SoftBank Investment Advisors, Munish Varma is likely to step down from the boards of Paytm and Policybazaar. Munish Varma's decision to step down comes after both the companies were listed on the Indian Stock Exchanges in the month of November last year. This is mainly because of SoftBank’s Policy. The Policy states that once a company goes public, its executives need to step down from the board of companies. Both the companies- Paytm and Policybazaar are yet to make a formal announcement regarding this. Recently, the Reserve Bank of India restricted Paytm Payments Banks to acquire new customers alleging that the customer data is being sent to a server based in China. Share of Paytm is trading around Rs. 600, more than 70% down from its issue price of Rs 2,150. RBI also ordered Paytm Payments Bank to conduct an independent IT audit. Paytm founder Vijay Shekar Sharma denied all allegations and said: "Expectations are clearly chalked out and a timeline has been given to us. We believe we will be able to complete the IT audit within the timeline and submit it."