Max Financial Services Limited — Important, 15-04-2025: Updates

The Board of Directors has accepted the resignation of Mr. Amrit Pal Singh as Chief Financial Officer, effective at the end of business on April 30, 2025, after completing his three-year term. He will continue in his role as CFO with Axis Max Life Insurance. Mr. Nishant Kumar Gehlawat has been appointed as the new CFO and Key Managerial Personnel, effective May 1, 2025. Mr. Gehlawat brings over 18 years of experience within the Max Group, having contributed to key corporate transactions including major fund-raising efforts and strategic demergers.

Additionally, the board has considered a request from Ms. Neelu Analjit Singh to reclassify her status from ‘Promoter’ to ‘Public’ category. This request follows a Settlement Agreement with Mr. Analjit Singh, maintaining control of the company within the original promoter group, and a recent divorce that alters her previous classification. The board's approval is pending stock exchange consent. These changes signal a strategic shift in leadership and ownership structure, warranting close observation for investors.