Annual Secretarial Compliance Report for the financial year ended March 31, 2025 is attached
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Max Financial Services has submitted its Annual Secretarial Compliance Report for FY 2024-25, certifying compliance with SEBI regulations, circulars, and secretarial standards. The Practicing Company Secretary flagged one major deviation: a SEBI Show Cause Notice dated October 24, 2024, alleging fraudulent, unjust, and manipulative transactions worth Rs. 3,911.95 crores benefiting Axis Bank and its group entities during the 2010-2021 period, along with failures in disclosure, board oversight, and compliance with the code of conduct. The company filed a detailed response with SEBI on April 8, 2025, stating all actions were taken in full compliance with applicable laws, and the matter is currently sub-judice. Two minor previous-year delays in disclosure (related to IEPF transfer notice and analysts meet intimation) have been resolved, with the company having strengthened its internal procedures to avoid recurrence.
The ongoing SEBI Show Cause Notice involving transactions worth Rs. 3,911.95 crores and allegations against the board and senior management represents a significant regulatory overhang. While the company is contesting the allegations and the matter is sub-judice, investors should monitor the outcome as it could affect governance perception and the stock price.