Religare Cap lays off 17 execs from sales, research teams

NEW DELHI: Investment banking outfit Religare Capital Markets (RCML) has sent packing two executives who were rewarded with swank cars only a few months back along with 15 others last week, people familiar with the matter said.

The executives were part of the research and sales team at the wholly-owned arm of Religare Enterprises. Calling it a one-off corrective measure, a Religare spokesman pegged the number of sacked people at 14.

“This realignment is restricted to just two verticals — research and sales trading,” he said. The layoffs come in the wake of a string of high-profile recruitments at RCML in recent months. The company named Manoj Singla and Suhas R Harinarayanan from JP Morgan and UBS Securities, respectively as co-heads of the research team in Mumbai.

RCML also roped in financial services specialist Rob Flynn as the CEO for the Asia operations, besides Sutha Kandiah as head of global equity capital markets and Peter Feeney to lead trading and sales trading for Indian equities.

These appointments have led to redundancy in some positions, said company insiders. RCML offers services in capital markets transactions, PE syndication, and debt syndication to corporate and retail investors.