Max Financial Services Limited has informed the Exchange regarding Appointment of Mr. Toru Nakabayashi as Non- Executive Director of the company w.e.f. May 13, 2026.
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Max Financial Services announced multiple board changes effective May 12-13, 2026. Mr. Mitsuru Yasuda resigned as Non-Executive Non-Independent Director due to internal reassignment at Mitsui Sumitomo Insurance (MSI). He is being replaced by Mr. Toru Nakabayashi, who was nominated by MSI in terms of existing agreements with the company. Nakabayashi is a senior insurance executive with over 20 years of experience across Japan, Indonesia, and Malaysia. The company also extended the term of Mr. V. Krishnan as Manager (KMP) for another 2 years from July 1, 2026, pending shareholder approval, and reappointed M/s MGC & KNAV Global Risk Advisory LLP as Internal Auditors for FY 2026-27.
This is a routine board change where one institutional investor nominee replaces another, with no change in ownership structure or governance. The replacement director brings relevant insurance industry experience which could benefit the company's strategic direction.