mumbai violet arch advisors founder varun bajpai has quit the financial services firm he started in mid2011 bajpai the former head of sbi macquarie infrastructure fund is in the process of selling his 80 stake to sanju verma who is now violet archs new commanderinchief kolkatabased infrastructure finance institution srei holds 19 stake in violet arch which began operations by purchasing the stock broking business of alchemy while usbased investment bank berenson co holds a miniscule 1 stake bajpai is no longer involved in the management of violet arch for the past several weeks now sources said moreover according to the agreement between bajpai and srei the former will be forced to relinquish and forfeit all his rights as a shareholder by virtue of stepping down as ceo they added verma who is the first employee at violet arch and the architect behind the alchemy deal will take controlling interest in the financial services firm shortly she is in the process of rebuilding violet archs franchise and reinvigorating the business it recently started transaction advisory business and is in the process of setting up new business verticals like wealth management in recent weeks it axed jobs as a slowing economic growth puts pressure on businesses once the stakepurchase happens verma a former director with hdfc securities will join the list of women executives from the financial services world striking out on their own a few years ago renuka ramnath started multiples a private equity firm after quitting icici venture