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Max Financial Services announced several board changes at its May 12, 2026 meeting. Mr. Mitsuru Yasuda resigned as Non-Executive Non-Independent Director due to internal reassignment at Mitsui Sumitomo Insurance (MSI), with the company confirming no material concerns. He is being replaced by Mr. Toru Nakabayashi, a senior insurance executive with over 20 years of experience across Japan, Indonesia and Malaysia, nominated by MSI to maintain their board representation. Additionally, Mr. V. Krishnan's term as Manager (Key Managerial Personnel) has been extended for 2 years from July 1, 2026, pending shareholder approval, and internal auditors MGC & KNAV Global Risk Advisory LLP have been reappointed for FY 2026-27.
The director change represents routine board transition with MSI maintaining its nominee on the board. The management continuity through V. Krishnan's reappointment and unchanged internal audit arrangements suggest stable governance. This filing is informational with no immediate material impact on stock valuation.