New Delhi, Mar 22 (PTI) Diversified financial services major Religare Enterprises (REL) has elevated Manindar Singh as the Group Chief Executive Officer.Also Read - DU Third Cut-Off List Released, Admission Process to Start From Monday. 10 Things to Know

The elevation of Singh, who earlier held the position of Chief Business Officer at REL, comes with immediate effect. Also Read - DU 3rd Cut-Off 2021: Delhi University's Third Cut-Off List Released, Admission Closed For Most Courses

He has replaced interim Group CEO Nalin Nayyar, a company statement said. Also Read - Delhi University Admission 2021: DU Third Cut-off List on Sunday; Over 74% of 70,000 UG Seats Filled

Nayyar will continue in his role as Group President- Strategic Initiatives.

He will continue to oversee all strategic initiatives across the group in partnership with operating management, the company said.

Maninder was previously associated with Ranbaxy Laboratories for 27 years. A graduate from Shri Ram College of Commerce, Delhi University, he is a chartered accountant from ICAI.

REL Non-Executive Chairman and Non-Executive Vice-Chairman Malvinder Mohan Singh and Shivinder Mohan Singh said the group will continue to progress well on its stated strategic path under Maninder.

Religare Enterprises offers financial services ranging from SME loans, affordable housing finance, health insurance, capital markets and wealth management solutions.

Stock of REL closed 1.5 per cent down at Rs 219.65 on BSE.

This is published unedited from the PTI feed.