Former Reserve Bank of India (RBI) deputy governor Anand Sinha joined Amarchand Mangaldas yesterday as senior advisor (financial services) in Mumbai, after his term at the RBI ended in January.
Sinha, who had been with the RBI for 37 years, is understood to have joined Amarchand in a full-time role.
He was not available for comment at the time of going to press.
Amarchand Mumbai managing partner Cyril Shroff commented in an email: “I am convinced that Anand’s joining the firm will be very beneficial for Amarchand & Mangaldas in the way we interact with and service our financial service clients. We all at the firm, are looking forward to us taking our penetration in the financial services sector to a new level.”
At the time of publication, Shroff was not available for further comment on Sinha’s role.
In 2012, Amarchand recruited former SEBI executive director Usha Naryanan as an of counsel in the general corporate and financial regulatory practice after retiring from the regulator.
An IIT Delhi physics degrees holder, Sinha looked after the RBI’s critical portfolios such as banking operations and development, non-banking supervision, urban banking among others and served as the RBI’s nominee director on the boards of SEBI, Dena Bank, Allahabad Bank, Bank of Baroda, Indian Overseas Bank, Deposit Insurance and Credit Guarantee Corporation and Export Credit and Guarantee Corporation.
He represented the RBI in the Basel Committee on Banking and Supervision, on the Committee on Global Financial Systems, and represented India on the G20 working group on enhancing sound regulation and strengthening transparency.
RBI executive director R Gandhi has been named as Sinha’s successor in the position of deputy governor at RBI, reported Mint. He has been appointed for a period of three years.
Out of the four deputy governors that the RBI has at a time, only two – HR Khan and Urjit Patel – remain at the moment as deputy governor KC Chakrabarty resigned last month for personal reasons, added Mint.
Comments
"Justice must not only be done but also appear to be done".
When someone goes from such a position of power to a top law firm, the appearances start getting shady.
In any event, if there are any ways of getting out of a breach, unless someone gets paid to do a favour or a waiver, the defenses are also legally available. So if someone is providing those, I dont see anything wrong with it.
However, there are other things like advice and structuring (which is of course within the legal boundaries) which he will take care of. And for which, I dont think there is any conflict of interest. else, there are more important people with more than just ranting power (like you) who would take note and action on it.
Listen here punk, he could sit in Amarchand and kill flies all day, but that's not the point.
The point is that ex-regulators are joining corporates which is ethically dubious be it finance, politics or law.
He might be the nicest person in the world and take care of all the boundaries but it does not make things right.
Just like if you make me the king I will be aware of all my boundaries. There are many things to being a king. like advice and structuring which is within ethical boundaries yada yada.
Listen to RDJ. "Never go full retard".
And never start an argument till you are smart enough to understand what the other side has to say.
What nonsense! Unless you are a self righteous ex RBI Governor working somewhere dealing and knowing about the moral and ethical dilemmas of working outside the regulator, and are also aware of the concerned Dy.Gov's ways and beings and have an inkling of how he is going to conduct professionally and within or outside the 'boundaries', I think it would be fare to say you are being too presumptuous here. The nature of services, advisory and other kinds is widening by the day. The assumption that a high professional is or will not be able to conduct himself befitting his prior chair is also unfair.
In my limited experience and interaction with such Ex-RBI people (most of who are high on integrity, yes! atleast the ones who i know (not related to any)) see as the respect they have earned as their life's earning. So, an untoward advise coming from them and going to the RBI as an advise from them, is too less of a carrot for them to fall for risking reputation.
Better to be a punk than daft. (pun(k) intended)
Also, thanks for the worldly advise. Im sure ill rise high with the newfound wisdom from you.