OYO parent appoints ex-SEBI boss to board

OYO's parent company, PRISM, has appointed former SEBI Chairman Ajay Tyagi as an Independent Director on its board as it prepares for an Initial Public Offering (IPO). This strategic move aims to enhance PRISM's governance framework and bolster its capabilities as it seeks to enter public markets. Tyagi brings significant expertise in capital markets regulation and corporate governance, having served at the helm of SEBI from 2017 to 2022, where he focused on investor protection and market oversight. The current board of PRISM includes a diverse group of experienced professionals from various sectors, enhancing its governance structure. Founder Ritesh Agarwal emphasized that Tyagi's extensive background in financial regulation will be crucial for PRISM's growth and accountability. Additionally, reports indicate that PRISM has submitted preliminary documents to SEBI to raise approximately ₹6,650 crore through a confidential IPO, potentially valuing the company between USD 7-8 billion. Tyagi holds degrees in Electrical Engineering, Computer Science, and Public Administration from Harvard, and he has a rich experience in policy-making and financial reforms in India, further solidifying the board's expertise as PRISM aims for expansion in the public domain.