Annual Secretarial Compliance Report for the financial year ended March 31, 2026
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Max Financial Services filed its Annual Secretarial Compliance Report for FY 2025-26, certified by Sanjay Grover & Associates. The company reported compliance with SEBI LODR and other applicable regulations during the review period. However, the report highlights an ongoing SEBI matter dating from transactions between 2010-2021, where the company received a Show Cause Notice in October 2024 alleging fraudulent and manipulative transactions benefiting Axis Bank and its group entities worth Rs 3,911.95 crores. MFSL has submitted responses and consolidated written submissions to SEBI, and the matter is currently sub-judice with settlement applications from non-executive independent directors under consideration. The company otherwise maintained compliance on secretarial standards, policies, website disclosures, director disqualifications, related party transactions, and insider trading norms.
The filing shows general regulatory compliance for FY 2025-26, but the unresolved SEBI case involving allegations of Rs 3,911.95 crore in questionable transactions remains a key risk factor for shareholders. The outcome of this adjudication could have material implications for the company's governance standing and stock performance.