Nomura’s India fixed-income chief resigns amid reports of inflated profits

November 18, 2025

Ujjwal Kumar, managing director of Nomura Fixed Income Securities, has resigned following a Bloomberg report alleging Nomura Holdings is investigating its India fixed-income unit for potentially inflated profits. The company denies any compliance investigation into the issues described, despite a recent net loss in the September quarter attributed to mark-to-market losses.

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