Who We Are
Board of Directors
Thomas T Riley
Chairman
Thomas T Riley has an MBA from Harvard Business School as well as a BS in Industrial Engineering from Stanford University. He was sworn in as United States Ambassador to Morocco in December 2003, for 5 years by George W Bush, former President of United States of America. Currently serves as the Senior Adviser on International Development to a US firm from December 2011. Member of Advisory Board with CorpsAfrica and Founding Member of HealthTech Capital. Mr. Riley helps the board with global best practices. He assists the company with global international tie-ups and new innovations. He is based in the Bay Area in San Francisco.
Nitesh Shetty
Founder & Director
Nitesh Shetty, a first-generation entrepreneur, is the founder and Chairman of Nitesh Group of companies. Under his leadership, the Group has diversified investments spanning from hotels to finance, real estate to waste management, and food to services. Nitstone Finserv is the flagship financial services company under Nitesh Group. A former tennis player, Nitesh started his career with a billboard business at the age of 19, with strong interest in infrastructure, hotels, financial services & diversified investments. Nitesh was awarded the title of Asia’s Greatest Brand & Leader 2016. He also has industry associations and affiliations with the Confederation of Indian Industry (CII) and the Federation of Indian Commerce and Industry (FICI).
Alok Kumar Misra
Director
Alok Kumar Misra is a former Chairman and Managing Director at Bank of India from August 5, 2003, to September 30, 2012. Served as the Chairman of STCI Finance Limited, an NBFC registered with RBI, from August 1, 2012, to April 16, 2013. Mr. Misra joined Bank of India in January 1974 as a Probationary Officer and worked in various capacities at branches and administrative offices including Planning and International Division of it. Fellow of the Certified Institute of Bankers of Scotland (FCIBS) and the Zambian Institute of Bankers (ZIB) and an Associate of Australasian Institute of Banking & Finance (AAIBF). Awarded M.S.c. (Statistics) Degree from Lucknow University and also has various professional qualifications to his credit namely Post Graduate Diploma in Personnel Management and CAIIB.
Vishwanath Prasad Singh
Director
Vishwanath Prasad Singh is a former Chairman & CEO of Industrial Finance Corporation of India Limited (IFCI Ltd). Also a non-executive Chairman of Tourism Finance Corporation of India, IDBI (Industrial Development Bank of India) Capital Market Services Ltd and Assets Care Enterprise Ltd. VP Singh received Bachelor of Laws from Bihar University, Master of Commerce from Patna University and a Certified Associate of Indian Institute of Bankers. Experience of working in financial institutions which included Reserve Bank of India, Tanzania Development Finance Company, and also Deloitte Touche Tohmatsu India Private Ltd.
Kenneth Blatt
Director
Kenneth Blatt has extensive experience in developing and managing hotels and hospitality projects. He is an entrepreneur in real estate, vacation rentals, and alternative investments. He is Principal at CPG Real Estate LLC and Dorado Beach Resort & Club, Managing Partner at Gemini Homes LLC, and an investor and board advisor for ID Fund, United States. He also co-founded HeyHolidays and invested in FreeBusy.
Govindankutty Edaden
Executive Director
Govindankutty Edaden has a rapidly progressive career of 30 years of expertise in diverse facets in the banking and finance industry. He has gained expertise and experience in business development, credit management, retail banking, customer relationship management and project management. Excellent project planning and execution end to end well within the set parameters across the industry vertical of NBFC. He is also experienced in leading the transition of an MFI to a Small Finance Bank and also in setting up a new NBFC. He was facilitated for Best Performing Circle Head award – Axis Bank in the year 2014-15.
Coming Soon
Code of Conduct
Reserve Bank of India (RBI) has issued guidelines on Fair Practices Code for Non-Banking Finance Companies (NBFCs) defining the standards for fair business and corporate practices while dealing with customers, vide Circular number RBI/2006-07/138 DNBS (PD) CC 80/03.10.042/2005-06 dated 28th Sept 2006, and Master Circular RBI/2014-15/34 DNBS (PD) CC No.388/03.10.042/2014-15 dated 1st July, 2014. Nitstone Finserv Pvt Ltd. (herein after referred to as “the Company”) is committed to abide by the said guidelines and has published the Fair Practices Code - FPC in line with the RBI guidelines, aimed to provide effective overview of practices followed by the Company in respect of the facilities and services offered by the Company to its customers. Further, the Company notes to effect appropriate modifications in the FPC as per the directives issued by RBI from time to time. The Fair Practices Code shall apply to all lending activities of the Company. The commitments made in the FPC are applicable under normal operating environment.
Details of Nitstone Finserv’s compliance with the Fair Practice Code can be found in our Fair Practice Code Policy
Obligations of senior financial officers
In addition to Nitstone’s purpose, values and vision and the Fair Practice Code Policy ,the Chief Executive, Chief Financial Officer and Chief Accounting Officer or persons performing similar functions (the ‘Senior Financial Officers’) are subject to and must comply with the following principles:
- Each Senior Financial Officer shall engage in honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships
- Each Senior Financial Officer shall avoid conflicts of interest and shall disclose to the Chairman of the Audit Committee any material transaction or relationship of which they are aware that reasonably could be expected to give rise to such conflict
- Each Senior Financial Officer shall take such measures as appropriate to ensure that Nitstone complies with all applicable governmental laws, rules and regulations and provides full, fair, accurate, timely and understandable disclosure in reports and documents that it files with, or submits to, any securities regulatory authority including the Reserve Bank of India (RBI), and in other public communications it makes
Board responsibilities
The Board aims to promote Nitstone’s long-term success, deliver sustainable value to our shareholders, and promote a culture of openness and debate. Led by the Chairman, the Board sets the Nitstone’s strategy and risk appetite.
The Board of Directors either through itself or by through any Committee thereof shall also provide for periodical review of the compliance of the FPC of the Company and the functioning of the grievances redressal mechanism at various levels of management. This is described in page 26-27 of the Fair Practice Code Policy
As described in page 7 of the RBI Resolution Policy , the Board is to carry out the following activities with regard to resolution plan arrangements:
- To approve the Resolution Policy in order to implement the measures for the customers.
- To ensure that the above instructions are properly communicated down the line in their respective organizations, and clear instructions are issued to their staff regarding their implementation.