JM Financial Appoints VP Shetty as Executive Chairman of Asset Reconstruction Company

Mumbai, 31 August 2007: JM Financial has announced the appointment of Mr. V.P. Shetty as Executive Chairman of the Asset Reconstruction Company of JM Financial Group.

Mr. Shetty, in his capacity as Executive Chairman, will be responsible for the strategic planning and implementation of the Asset Reconstruction Company, which is under formation, subject to necessary regulatory approvals.

Mr. Shetty, an industry veteran, brings with him 39 years of frontline experience in Commercial Banking, Mergers & Acquisitions in Banking, Corporate Governance and Turnaround Management especially in the Public Sector.

Announcing the appointment, Mr. Nimesh Kampani, Chairman said, “Mr. Shetty is a well-regarded, talented professional with a proven track record and is considered a strong asset recovery personnel in banks. His vast experience will certainly add to strengthen our position further in the industry. We are delighted to have him on board.”

Speaking on his joining JM Financial Group, Mr. VP Shetty said, “After spending 39 years in the public sector, I am quite excited to be associated with the JM Financial Group. The Group is known in the financial services space for its very high reputation as a trusted partner. The job that has been assigned to me is also very dear to my heart and I am confident of making this new venture a successful one.”

Prior to joining JM Financial, he was Chairman and Managing Director with IDBI Bank. Mr. Shetty has an illustrious banking career spanning almost four decades. He started his career with Canara Bank and then moved as General Manager- Vijaya Bank, Chairman & Managing Director - UCO Bank and also Chairman & Managing Director - Canara Bank. He is a Commerce Graduate from Bangalore University and is also a Certified Associate of Indian Institute of Bankers, Mumbai. He was also the Recipient of "Banker of the Year – 2003" Award from the Business Standard Group in recognition of successful turnaround of UCO Bank.

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group has business interests in investment banking, institutional equity sales and broking, private and corporate wealth management, research, equity broking, portfolio management, asset management, commodity broking, NBFC activities and private equity.