Aavas Financiers has appointed Ghanshyam Gupta as Interim Chief Financial Officer and Punit Purushottam Agarwal as Interim Chief Risk Officer, effective June 22, 2026. The appointments follow the Board's acceptance of resignations from the company's President and CFO, Ghanshyam Rawat, and President and CRO, Ashutosh Atre, effective September 21, 2026. The outgoing executives will serve garden leave from June 21, 2026, to September 21, 2026.

The Board of Directors approved the interim appointments based on the recommendations of the Nomination and Remuneration Committee. Mr. Agarwal's tenure as Interim Chief Risk Officer is set for one year. The disclosures were made to the exchanges under Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mr. Gupta is a qualified Chartered Accountant with over 18 years of experience, including more than 9 years at Aavas. His expertise spans financial planning, strategy, budgeting, MIS, investor relations, and business growth initiatives. Prior to joining Aavas in 2017, he was associated with Vaibhav Global, Tata Technologies Limited, and Capgemini India Private Limited.

Mr. Agarwal is also a qualified Chartered Accountant with 13 years of experience, including 9 years at Aavas. He brings experience in credit risk, market risk, sales, and risk management in retail lending, covering home loans, construction loans, and LAP. Before Aavas, he worked with Aditya Birla Capital, HDFC Bank, and ICICI Bank.

The resignations of Mr. Rawat and Mr. Atre were accepted by the Board effective September 21, 2026. Both officials cited personal and professional commitments for their decision to transition from their roles.

Key Appointments and Resignations

Aavas Financiers has issued a denial against circulating rumors regarding loan classification issues and changes in senior management, asserting that its ongoing engagement with the National Housing Bank (NHB) is routine in nature and should not be interpreted negatively. The company's clarification comes in the wake of reports that had flagged an NHB inspection, alleged loan misclassification concerns involving a portfolio estimated at ₹400–500 crore, and the resignation of two senior executives.

Company's Clarification

Aavas Financiers has moved to counter the narrative surrounding the NHB engagement, explicitly denying that the interaction with the regulator is indicative of any adverse regulatory action. The company stated that rumors about loan classification issues and management changes are unfounded, and that its dealings with the NHB represent standard regulatory engagement rather than a formal punitive investigation.

Background: NHB Engagement and Earlier Reports

Earlier reports had indicated that the NHB's inspection of Aavas Financiers brought to light discrepancies in the classification of certain loans, with the affected loan book estimated in the range of ₹400–500 crore. The inspection had also allegedly flagged issues related to concessional refinancing — a facility typically extended by the NHB to housing finance companies at subsidised rates to support affordable housing lending. The key parameters associated with these earlier reports are outlined below:

Executive Resignations: Context

Reports had noted the departure of two senior executives from Aavas Financiers during the course of the NHB inspection, drawing attention to the company's governance and compliance framework. However, the company has denied that these management changes are linked to any regulatory concerns, characterising the rumors surrounding both the executive exits and the loan classification issues as inaccurate.

Regulatory Context

The NHB serves as the apex regulatory body overseeing housing finance companies in India, and periodic inspections are a standard part of its supervisory mandate. Aavas Financiers' clarification seeks to distinguish its engagement with the regulator from any suggestion of formal investigative or punitive proceedings, though the full details of the NHB's findings and any subsequent directives remain to be formally disclosed.