Amfi CEO Rajendran to exit 2 years before his contract ends

C V R Rajendran, chief executive officer (CEO) of mutual fund lobby Association of Mutual Funds in India (Amfi) is exiting his post two years before his contract ends.
 
In one of the quickest selection processes, Rajendran has been appointed the managing director of Catholic Syrian Bank. The formalities, though, are yet to be done for the same.
 
Members of Amfi told Business Standard that there is no official communication from Rajendran to the Amfi's board yet. But they registered their surprise at his leaving the industry when he has just completed barely a year in office and also at the pace of his selection.
 
When contacted, Rajendran said, “The current situation (amid demonetisation) may have triggered the pace of selection. However, I am yet to get an offer letter and several other formalities are yet to be completed, may be, by next week. I am here at Amfi for another one month till we get a substitute.”
 
He also said that work at an association was not as challenging as it was at banks. It is worth to mention that before coming to Amfi, he was CMD of Andhra Bank. Some of the senior Amfi members said that they will try to find a substitute for Rajendran in next few weeks and they will prefer a banking person only for the post who has good understanding of the industry and is well versed with institutions like Sebi, RBI, Income Tax and, of course, the government.

The current situation (amid demonetisation) may have triggered the pace of selection. However, I am yet to get an offer letter and several other formalities are yet to be completed, may be, by next week. I am here at Amfi for another one month till we get a substitute

 Meanwhile, they added that Amfi's normal functioning will not be affected as there are various committees in the association to take care of the issues. His joining the mutual fund industry was also accompanied with the Sumit Bose Committee' recommendations on mis-selling of financial products and several other tightening norms.