Anand Rathi Financial Services hires Mr. Rajesh Mayani as Executive Director, Institutional Equity Sales

Press Release: 24-Mar-2008

For Immediate Dissmination
Mumbai, March 24, 2008: Anand Rathi Financial Services (ARFS), one of the leading full service investment banks in India, today announced the appointment of Mr. Rajesh Mayani as Executive Director (Sales) in their Institutional Equities division. Prior to this Mr. Rajesh Mayani was associated with Citigroup, where he was Director-Institutional Equity Sales for almost 4 years.

Mr. Mayani comes with 14 years of rich experience in the Institutional equities business. Prior to his Citigroup association, he was working as Senior Analyst with Morgan Stanley for 4 years, and for about 6 years with HSBC.

Speaking on this top-level appointment, Mr. Pradeep Gupta Vice Chairman, Anand Rathi Group said This senior appointment is in line with other appointments of Mr. Narayan Mulchandani and Mr. Ratnesh Kumar, CEO Institutional Equity to further strengthen the group~s Institutional capabilities.

We believe that with the addition of Mr. Mayani in the senior management team, the firm will significantly expand its client reach in the growing institutional equities business.

We welcome Mr. Mayani to the Anand Rathi Group and wish him a thriving career with us.

About Anand Rathi Financial Services

Anand Rathi (AR) is a leading full service investment bank providing a wide range of financial services to institutions, corporations, wealthy families and individuals. Founded in 1994 by Mr. Anand Rathi and Mr. Pradeep Gupta, the group employs over 4,500 professionals across India and its international offices. 20% of the group~s equity is currently held by Citigroup Venture Capital.