M. Damodaran

Meleveetil Damodaran is an Indian corporate advisor, mentor, and former senior government official. He is a Director on the Boards of Larsen & Toubro, Hero MotoCorp, Tech Mahindra, CRISIL, Biocon and Experian India.

Meleveetil Damodaran
Born
Palakkad, Kerala, India
NationalityIndian
Alma materUniversity of Madras
University of Delhi
OccupationNon-Exe Director & Chairman of IndiGo
Known forFounder Excellence Enablers Private Limited

He is the founder Chairperson of Excellence Enablers Private Limited, a niche Corporate Governance advisory firm and the Founder and Managing Trustee of Non Executive Directors in Conversation Trust (NEDICT), an exclusive forum for Non-Executive Directors. He is the present Chairman of IndiGo.[1]

Early life

Meleveetil Damodaran was born in Palakkad district, Kerala, India in May, 1947. He attended Campion High School, Tiruchirapalli, and completing his pre-university in Loyola College, Chennai, he spent a little over 2 years at Indian Institute of Technology Madras. He graduated in Economics and Law from the Universities of Madras and Delhi respectively.

Career

After 6 months each as a Probationary Officer in Indian Bank and State Bank of India, he joined the IAS - 1971 batch - in the Indian state of Tripura, where he served in different developmental and regulatory positions. He was appointed Tripura's Chief Secretary in 1992, when he became the youngest person ever in India to hold such a position in a State Government.[2]
In 2001, he was appointed the Chairman of UTI to rescue India's largest and oldest investment institution, which had collapsed. He restored UTI to health in arguably the most successful turnaround story in Indian financial sector history.[3] He was simultaneously given charge of IDBI, another of India's major financial institutions. Here, he created the Stressed Assets Stabilisation Fund, which helped clean IDBI's books, facilitating its conversion to a commercial bank and its merger with another bank.[4]

As Chairman of SEBI,[5] he brought improved corporate governance practices to India's securities market. Among his many contributions was the introduction of QIP, an instrument for follow on offerings which until then was going to external markets. While at SEBI, he was elected Chairman of the Emerging Markets Committee of the International Organization of Securities Commissions (IOSCO),[5] a position he held till he demitted office as Chairman, SEBI. He was the Chairman of Ministry of Corporate Affairs' Committee for Reforming the Regulatory Environment for facilitating the ease of doing Business in India.

He was also the Chairman of Reserve Bank of India's Committee on Customer Service in Banks. He chaired the Taskforce on Corporate Governance constituted by the Federation of Indian Chambers of Commerce and Industry (FICCI).

He was appointed Chairman of IndiGo (InterGlobe Aviation) on 24 January 2019.[6]

References
  1. "Former SEBI chief Damodaran inducted into the board as chairman". The Hindu. Retrieved 25 January 2019.
  2. Ey.com Archived 2 March 2012 at the Wayback Machine
  3. Rediff
  4. Knowledge @ Wharton
  5. Salwan Media
  6. "IndiGo names Ronojoy Dutta as CEO". 24 January 2019.
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