The Indian Private Equity & Venture Capital Association (IVCA) has elevated Gopal Srinivasan as its new chairman to replace Sanjay Nayar.
Srinivasan, chairman and managing director at TVS Capital, was earlier vice chairman of the industry body.
Nayar, India CEO of global alternative investment giant KKR, was appointed as the IVCA chairman in June last year.
The industry body has also appointed Padmanabh Sinha, managing partner at Tata Opportunities Fund, as its vice chairman.
The IVCA elects its executive committee for two years. As per the norms, the vice chairman automatically takes over as the chairman the following year.
Besides the chairman and the vice chairman, the new executive committee comprises Munish Dayal, partner at Baring Private Equity Partners India; D Muthukumaran, CEO at Aditya Birla Private Equity; Shankar Narayanan, managing director and co-head of Asia at Carlyle Growth Private Equity Business; and S Srinath, CEO at Oman India Joint Investment Fund.
Srinivasan said the IVCA had been instrumental in supporting major reforms made in this year's budget for ensuring greater flow of long-term private equity and venture capital in India.
Sinha said India had excellent prospects for private equity and venture capital and that the development of India's alternative investment fund industry was a priority for the government.
Founded in 1993, the Delhi-based IVCA is a platform for investment funds to interact with each other. Its members comprise venture capital and private equity firms, institutional investors, banks, incubators, angel groups, corporate advisors, accountants, lawyers and other service providers in the industry.