ANNOUNCEMENT UNDER REGULATION 30- CHANGE IN DIRECTORATE
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The Board of SMIFS Capital Markets approved the appointment of Mr. Samarth Parekh (DIN: 00199598) as Joint Managing Director and Director of the company, effective April 8, 2025, subject to shareholder approval via postal ballot within three months. Mr. Samarth Parekh is the son of Mr. Utsav Parekh, an existing Director, and holds a Bachelor's degree from Babson College with over 15 years of experience in investment banking. Additionally, Mr. Anil Kumar Murarka (DIN: 00571568) was appointed as a Non-Executive, Independent Director. The Audit, Nomination & Remuneration, Stakeholders' Relationship, and Committee of Directors were also re-constituted.
This is a promoter-family leadership transition, bringing the next generation (son of existing Director Utsav Parekh) into the Joint MD role, which could strengthen succession planning but also concentrates family control. The new appointment will require shareholder approval via postal ballot, so final confirmation is pending.