IIFL Capital Services stock rises 13% after management changes

Shares of IIFL Capital Services rose more than 13 percent on March 24. This increase followed the company's announcement of changes to its top management. Nemkumar H, the current Managing Director, is stepping down to concentrate on business development. He will now serve as the Chief Growth Officer. R. Venkataraman is set to replace him as the Managing Director. Additionally, Rekha Warriar has been appointed as the new Chairperson of the board. At around 2 PM, shares of IIFL were priced at Rs 246.40, showing a 12.5 percent increase on the National Stock Exchange. Nemkumar H has been with IIFL since 2007 and has played a key role in developing the company's Institutional Equities business. IIFL Capital Services is focusing on expanding its revenue and improving earnings quality. A recent initiative includes entering the wealth management sector. The company believes that having Nemkumar focus solely on business development will benefit all stakeholders. The new appointments are aimed at strengthening corporate governance. Rekha Warriar has been with the company as an Independent Director since 2019 and brings over 31 years of experience from the Reserve Bank of India.