Sumit Bali has resigned as the Chief Executive Officer (CEO) of IIFL Finance to pursue other career opportunities, and Nirmal Jain, Executive Chairman, will take over the responsibilities of the CEO.

In a stock exchange filing the company said that Sumit Bali has resigned as the Chief Executive Officer (“CEO”) of the Company to pursue other career opportunities. His resignation has been accepted by the Board of Directors and he will be relieved from the services w.e.f. the close of business hours on June 30, 2020. The Board places on record its appreciation for the valuable contributions made by Mr. Bali during his tenure and wish him the very best in his future endeavors. 

The company also said that  on the recommendation of the Board of Directors, Nirmal Jain, Executive Chairman, has agreed to take over the responsibilities of the CEO to oversee the management and affair of the company.

Before joining IIFL, he was working with Kotak Mahindra Bank as Senior Executive Vice President. As the Senior Executive Vice President he was managing an overall book size of over Rs. 54,000 crores. He has taken this responsibility four years back in April, 2014. Prior to this he served as the CEO of Kotak Mahindra Prime Limited from October 2005 to April 2014. 

His vast leadership experience in Kotak will come in handy for his new role at IIFL, as he takes  on the responsibility of driving the NBFC towards growth. 

Bali is an alumnus of IIM Ahmedabad where he has done his MBA from, and he also holds a graduation degree Maths from St Stephen’s College, Delhi University.