Religare Capital lays off 14 executives

"The company has fired 14 executives from its RCML team, with equal number from its research and sales departments," a Religare spokesperson said.

The company has recently roped in new research head from global investment banking space and plans to increase headcount of its RCML team.

"The pink slips tendered were part of the corrective measures taken by Religare from time-to-time. The firing were mainly on account of role redundancies," the spokesperson added.

However, the spokesperson could not confirm the total headcount for Religare Capital.
Religare Capital, a wholly owned subsidiary of Religare Enterprises, offers services such as capital markets transactions, private equity syndication and debt syndication to corporate and retail investors.

The layoffs come within days of some high-profile recruitments at RCML. Barely a month ago the company had roped in Manoj Singla and Suhas R Harinarayanan from JP Morgan and UBS Securities, respectively, as co-heads of the research team.
RCML also appointed Rob Flynn as the CEO for the Asia operations, besides recruiting former UBS's joint head of equity capital markets Sutha Kandiah as head of global equity capital markets.

It also announced the appointment of Peter Feeney to lead trading and sales trading for Indian equities.

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