Max Financial Services Limited has informed the Exchange regarding Resignation of Mr. Amrit Pal Singh as Chief Financial Officer of the company w.e.f. April 30, 2025.
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Max Financial Services informed the exchanges about three board decisions taken on April 15, 2025. First, Mr. Amrit Pal Singh will step down as the company's Chief Financial Officer on April 30, 2025, after completing his 3-year term, though he will continue as CFO of subsidiary Axis Max Life Insurance. Second, Mr. Nishant Kumar Gehlawat, a Chartered Accountant and 18+ year Max Group veteran (with an Executive MBA from ISB Hyderabad), has been appointed as the new CFO and Key Managerial Personnel effective May 1, 2025. Third, Ms. Neelu Analjit Singh, who holds 1,00,000 equity shares (0.03%) and is part of the promoter group, has requested reclassification to the 'Public' category following her divorce from Chairperson Mr. Analjit Singh and a January 2025 family settlement agreement.
The CFO change is an orderly, planned succession with an internal insider taking over, suggesting minimal disruption and strong continuity for shareholders. The promoter reclassification is procedural and does not alter control of the company, which remains with Mr. Analjit Singh and the existing promoter family, so it is unlikely to materially affect the stock.