Former chief financial officer (CFO) of SBI Cards and Payment Services, Nalin Negi, is set to take over as the first full-time CFO of BharatPe.

According to reports, in a regulatory filing on 3 May, SBI Cards announced the resignation of Negi, effective 31 July.

Negi was appointed as the CFO of the credit card and payment solutions SBI Cards and Payment Services in December 2017.

In April, BharatPe had hired an executive from consulting firm Alvarez & Marsal as interim CFO. The company had said it is in the process of finalizing the candidate for the role of CFO.

The move is in line with BharatPe’s plan to overhaul its governance framework following a review in January.

The fintech firm, which helps shop owners to make digital payments through QR codes, has been criticised for not appointing a full-time CFO, besides meeting regulatory obligations.

Additionally, raising $ 580 million in equity from marquee investors, such as Sequoia Capital, Ribbit Capital and Tiger Global to reach a valuation of $ 2.8 billion, BharatPe never had a qualified CFO.

Reports suggest that, BharatPe, which is looking to launch its initial public offering next year, is looking to address regulatory concerns. Securities and Exchange Board of India has mandated companies looking to go public to have full-time CFO at least six months before filing the draft prospectus.

With several tech startup listings, markets regulator Sebi has observed that CFOs were being hired at the last minute. Going forward, Sebi will clear DRHPs only when it sees that the CFO has been with the company for at least six months.

Resilient Innovations Private Limited (BharatPe) is a private company limited engaged in the business of facilitating a suite of financial services to merchants through its digital platform, on software as a service model, and providing other value-added services to such merchants.