As it prepares for a public listing, OYO’s parent entity PRISM has appointed former SEBI Chairman Ajay Tyagi as an Independent Director on its board. The move is aimed at strengthening governance and board oversight ahead of its planned IPO.
PRISM, the parent of OYO, said Tyagi joins an experienced board with expertise spanning governance, consumer businesses, technology, and strategic investments.
The board includes Independent Directors such as William Steve Albrecht, 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.”
On December 31, PTI reported that PRISM filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise Rs 6,650 crore through an IPO via the confidential route, citing people familiar with the development. The proposed public issue is expected to value the company at USD 7-8 billion.
Tyagi is a former senior Indian civil servant and served as Chairman of SEBI from 2017 to 2022. During his tenure, he oversaw India’s securities markets, strengthened regulatory and disclosure frameworks, enhanced investor protection, and supervised primary and secondary market activity.
Before SEBI, he was Additional Secretary in the Department of Economic Affairs at the Ministry of Finance, Government of India. He handled capital markets, investment policy, infrastructure financing, bankruptcy law, and broader financial-sector reforms. An Indian Administrative Service officer from the 1984 batch, Tyagi has held senior policy and administrative roles across ministries.
He currently serves as an Independent Director on the boards of several Indian companies. Tyagi holds a bachelor’s degree in Electrical Engineering (Electronics), a master’s degree in Computer Science, and a master’s degree in Public Administration from Harvard University.
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