Max Financial Services Limited has informed the Exchange regarding 'Disclosure under the extant provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI LODR ) regarding Axis Max Life Insurance Limited, the material subsidiary of the Company '.
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Max Financial Services has disclosed board changes at its material subsidiary Axis Max Life Insurance Limited. Mr. Mitsuru Yasuda, a Non-executive Director, resigned from the Axis Max Life board effective May 6, 2026. He has been replaced by Mr. Toru Nakabayashi, appointed as Additional Director (Non-executive) from May 7, 2026. Mr. Nakabayashi is nominated by Max Financial Services and represents Mitsui Sumitomo Insurance Company Ltd. on the board. He brings over 20 years of insurance industry experience across Japan, Indonesia, and Malaysia, with expertise in corporate governance and strategic business development. The appointment will be regularized at the next AGM of Axis Max Life.
The change reflects the routine rotation of shareholder nominees on the board of the insurance joint venture. This has no immediate material impact on Max Financial Services operations or stock performance, as it involves a board representative change at the subsidiary level.