From the Press Release:
The first ever Elections for the Executive Committee of the Indian Private Equity & Venture Capital Association (IVCA) for the two year term January 2011 to December 2012 were successfully conducted with over 82% of the members exercising their votes. This is a strong endorsement of the work that IVCA has done over the year.
The Members have voted the following SEVEN to represent them on the Executive Committee of IVCA (in alphabetical order):
1. Ashley Menezes, ChrysCapital Investment Advisors
2. Darius Pandole, New Silk Route (NSR) Partners
3. Niten Malhan, Warburg Pincus
4. Nitin Deshmukh, Kotak Investment Advisors
5. Satish Kumar Mandhana, IDFC Private Equity
6. Sudhir Sethi, IDG Ventures India
7. Sumir Chadha, Sequoia Capital India
The IVCA Charter envisages that the Chairman is who polls the highest votes and the Vice Chairman is who polls the second highest votes. The following have been elected as the new Chairman and Vice Chairman of IVCA:
CHAIRMAN : Sumir Chadha
VICE CHAIRMAN : Ashley Menezes
14 IVCA Members chose to contest the elections for the 7 seats to the IVCA Executive Committee. The large number of members that ran for the seats reflect the increased attention by the PE/ VC Firms and is a strong statement that the PE/ VC industry feels the need to come together to bring about positive change, in sync with IVCA’s vision to create an environment conducive to promoting entrepreneurship and encouraging innovation and growth of private equity and venture capital in India.
IVCA serves as a catalyst for the creation of a large pool of domestic venture capital and supports the emergence of new categories of investors – including VC firms and later-stage private equity firms. IVCA also works to promote sound public policy on issues related to tax, regulation and securities through representation to the Securities and Exchange Board of India (SEBI), Ministry of Finance (MoF), Reserve Bank of India (RBI) and other Government departments.
The new Executive Committee takes charge effective 1st January 2011 till 31st December 2012.
“IVCA is playing an important role in ensuring the growth of the VC/ PE industry in India. It’s important for PE firms that are investing in India to be part of the local network, so that they can engage directly with regulators, advisory firms and industry veterans; IVCA being the common point of reference for regulators and policy makers. IVCA, by virtue of being the most representative and diverse body for the VC/ PE community, provides a platform for member firms to network and share best practices.” – Mahendra Swarup, President IVCA
Luis Miranda, out-going IVCA Co-Chairman, and Chairman IDFC Private Equity, added, "We had committed to revitalise IVCA, make it more relevant and representative, and to hold these elections in 2010. We achieved all these goals. The Private Equity and Venture Capital industry in India continues to play a key role in India's development and has helped companies like Bharti Airtel, Mphasis (now EDS), Spectramind (now a part of the Aditya Birla Group) and GMR Infrastructure grow to become world-class companies and leaders in their space."
For more information on IVCA, please visit http://indiavca.org/