Softbank's representative on the boards of Paytm and Policybazaar's listen entities will step down as per reports. Munish Verma who is currently a member on both boards on behalf of the private equity venture is set to make an exit in line with Softbank's global strategy not having corporate control once the company goes public.
SoftBank owns 17.4 percent stake in Paytm and around 12.4 percent stake in Policybazaar. The shareholding however will not be impacted. The stocks are down significantly from their issue price.