PRISM Appoints Former SEBI Chairman Ajay Tyagi as Independent Director
IPO-bound OYO's parent company PRISM revealed on Wednesday the appointment of ex-SEBI Chairman Ajay Tyagi as an Independent Director on its Board.
His appointment comes as PRISM aims to further strengthen its board and governance framework as it strives to grow and access the public markets.
"Tyagi joins an experienced board with expertise across governance, consumer businesses, technology and strategic investments," OYO said in a statement.
The board comprises Independent Directors, including William Steve Albrecht, the Dr Jay H Price/Arthur Andersen Endowed Professor of Accountancy at Utah State University; Troy Matthew Alstead, former CFO and group president of Starbucks Corporation; Deepa Malik, Padma Shri awardee; Bejul Somaia, partner at Lightspeed Venture Partners; Sumer Juneja, Non-Executive Nominee Director and Managing Partner at Softbank Investment Advisers; and Aditya Ghosh, Non-Executive Nominee Director and Co-Founder of Akasa Air.
Ritesh Agarwal, Founder, PRISM said, "Ajay ji brings depth in capital-markets regulation, governance, and public-institution stewardship, and his experience will be invaluable as PRISM strives to scale while strengthening governance standards and long-term accountability."
PRISM has filed preliminary papers with market regulator SEBI to raise Rs 6,650 crore through an Initial Public Offering (IPO) using a confidential route, citing people familiar with the development.
The proposed public offering is expected to value the company in the range of USD 7-8 billion, they added.
Tyagi is a former senior Indian civil servant and has served as the Chairman of the Securities and Exchange Board of India (SEBI), the Indian capital-markets regulator.
He has extensive experience in financial-sector policy, market regulation, and corporate governance.
As the Chairman of SEBI from 2017 to 2022, he was responsible for overseeing India's securities markets, strengthening regulatory and disclosure frameworks, investor protection, and supervising primary and secondary market activity.
Prior to his role at SEBI, Tyagi was Additional Secretary in the Department of Economic Affairs at the Ministry of Finance, Government of India, where he handled capital markets, investment policy, infrastructure financing, bankruptcy law, and broader financial-sector reforms.
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He is a officer of the Indian Administrative Service (IAS), 1984 batch, and led on several senior policy and administrative roles in different ministries during his career in the Government of India.
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He currently serves as an Independent Director on the boards of several Indian companies.
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Tyagi holds a bachelor's degree in Electrical Engineering (Electronics) and a master's degree in Computer Science. He also has a master's degree in Public Administration from Harvard University.