CARE Ratings Limited Board of Directors have approved appointment of Mr. Gurumoorthy Mahalingam as an Additional Director (designated as Non-executive Independent Director) of the Company effective November 21, 2022. pursuant to the recommendation of the Nomination and Remuneration Committee, Effective November 21, 2022, to hold office upto the upcoming Annual General Meeting of the Company or till 3 months from the date of his appointment by the Board of Directors, whichever is earlier. Mr. Mahalingam has had a professional career of more than four decades spanning across the financial sector regulators, Reserve Bank of India (RBI) and Securities & Exchange Board of India (SEBI).

He has taken on varied roles in RBI encompassing financial market development, regulation and operations, foreign exchange reserves management, debt management and regulation and supervision of banks. He was the Chief Dealer and Executive Director in-charge of forex market interventions as well as management of forex reserves of the country and rupee liquidity policy and operations. In the above roles, he was instrumental in formulating regulatory policies in respect of financial markets and conduct of market operations of RBI.

His experience spans across most difficult and volatile times in the financial markets closely involved in giving shape to foreign exchange policies and monetary policy implementation. Mr. Mahalingam began his career as a commercial banker with the State Bank of India in 1978 after finishing his Masters in Statistics and Operations Research from IIT Kanpur. He is also an MBA in International Banking and Finance from the Birmingham Business School in the UK.