Poonawalla Fincorp MD Abhay Bhutada quits following Sebi action

Vijay Deshwal, Group Chief Executive Officer, will continue to run the company's operations; firm appoints new Chief Risk Officer

Abhay Bhutada, managing director of Poonawalla Fincorp Ltd (PFL) has resigned from post after the Securities and Exchange Board of India (Sebi) barred him from accessing the securities market for allegedly insider trading in shares of PFL.

Vijay Deshwal, Group Chief Executive Officer, will continue to run the operations of the company, PFL said in a statement.

Meanwhile the finance company also moved its chief risk officer (CRO) Girish Poddar to credit monitoring role in the organization and appointed Sharad Pareek as new CRO for a five year term.

Bhutada decided to step down as the Managing Director's post in