Bhave was the Chairman of Securities and Exchange Board of India (Sebi) for a period of three years during 2008-11, prior to which he was the Chairman and Managing Director of National Securities Depositories Ltd (NSDL).
"A large part of the Indian economy is still outside the formal financial activity. Vistaar Finance along with others is engaged in the process of integrating the sector and including them in the formal lending activity in order to grow faster," the company quoted Bhave as saying in a statement.
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