Kampani to step down as JM Fin chairman, MD

Nimesh Kampani, founder and chairman of JM Financial Group, has decided to step down from the executive role at the financial services firm.

“Nimesh Kampani, the founder and chairman of JM Financial Group announced his decision to retire from executive role at the group with effect from September 30, 2016, on his attaining 70 years of age. Kampani will continue to be the non-executive chairman for the group and a director on the board of directors of a few group companies at JM Financial,” a company release said.

The board of directors at their meeting appointed Vishal Kampani as the managing director of JM Financial, the listed holding company with effect from October 1, 2016, the company added.

JM Financial has reported a 19% rise in net profit for the quarter ended June 30, 2016, at Rs 86.09 crore compared with Rs 72.35 crore in the first quarter of the previous fiscal.

Total income for the company grew 24% to Rs 475.43 crore compared with Rs 383.02 crore in Q1FY15.