Announcement under Regulation 30- Change in Management
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SMIFS Capital Markets Limited has appointed Mr. Samarth Parekh (DIN: 00199598) as a Director and as Joint Managing Director of the company, effective April 8, 2025. Mr. Parekh is the son of Mr. Utsav Parekh, an existing Director of the company, and holds a Bachelor's degree from Babson College with over 15 years of experience in investment banking. The appointments are subject to shareholder approval via a postal ballot within three months. The company also seeks shareholder approval to appoint Mr. Anil Kumar Murarka as a Non-Executive Independent Director and has reconstituted its Audit, Stakeholders' Relationship, Nomination & Remuneration, and other Board Committees accordingly.
The appointment of a promoter family member (son of existing Director Utsav Parekh) to the top executive role signals continuity of family-led management at SMIFS, which may be viewed positively by shareholders aligned with the promoter group but could raise governance questions about board independence. The expansion of the Audit Committee with an additional independent director (Anil Kumar Murarka) is a constructive governance move. Shareholders will need to approve these changes through a postal ballot in the coming months.