Max Financial Services Limited has informed the Exchange regarding 'Annual Secretarial Compliance Report for the Financial Year ended March 31, 2026'.
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Max Financial Services Limited has filed its Annual Secretarial Compliance Report for FY 2025-26, issued by Sanjay Grover & Associates, Company Secretaries. The report confirms that the company has complied with all SEBI regulations, circulars and guidelines during the review period with no deviations or violations found across all 13 compliance areas checked. However, the report notes an ongoing regulatory matter: a SEBI Show Cause Notice dated October 24, 2024 alleging that MFSL engaged in fraudulent and manipulative transactions benefiting Axis Bank and its group entities by Rs. 3,911.95 crores during 2010-2021, along with failures in board governance. The company has filed detailed responses with SEBI, settlement applications are in process before SEBI's Internal Committee, and the matter is currently sub-judice.
The current year shows strong compliance with no new regulatory actions, which is positive. However, the pending SEBI investigation regarding alleged manipulative transactions remains a significant risk factor that investors should monitor, as it has not attained finality and settlement proceedings are ongoing.