Equitas SFB to find Vasudevan’s successor in a month

We in fact expected it to take a bit earlier, but nevertheless, we are taking it as one month as a normal part of the process,” Sharma said during the second-quarter earnings call. “We have contacted the agencies, and we have asked for the list of candidates which we can possibly look at.” Equitas may, however, favour an internal candidate given the relatively short timeline. Citibank veteran Balaji Nuthalapadi, currently executive director at Equitas SFB, is among the possible contenders, according to people aware of the development.

Nuthalapadi has over three decades of experience across APAC and EMEA, spanning banking products, sales and wealth management, global capability centre leadership, operations and technology, and P&L leadership. Vasudevan did not respond to FE's message seeking comments. However, in television interviews on Friday, Vasudevan said the NRC would consider both internal and external candidates. Sharma said the entire process, including obtaining approval from the Reserve Bank of India (RBI), would take around three to four months.

The selected candidate will take charge after securing the regulator's approval. On Thursday, Vasudevan resigned as managing director and CEO, barely three months after his reappointment until July 2029, citing persistent investor concerns over a "perceived conflict of interest” that had become an “overhang” on the bank's stock performance. His resignation triggered a sharp sell-off in the lender's shares, which plunged 20% to hit the lower circuit of ₹52.11 before closing at ₹57.17 on the NSE.

The stock fell another 17% on Friday to a lifetime low of ₹47.32 before recovering to close at ₹53.59. Vasudevan said the issue had repeatedly surfaced in investor meetings over the past three years, despite the absence of any significant business relationship between the two entities. Earlier reports suggested that the RBI had reached out to the bank's board and senior management to understand the nature of its relationship with Unico Housing Finance.

“There is no nudge or anything from the regulator. That is clear. There is nothing as far as the regulator is concerned,” Vasudevan said during the earnings call.