Max Financial Services ' material subsidiary, Axis Max Life Insurance, has fixed July 16, 2026, as the record date to determine eligibility for the payment of interest and redemption amount on its non-convertible debentures (NCDs). The total payout aggregates to ₹533.2 crore, comprising a principal redemption of ₹496 crore and accrued interest of ₹37.2 crore. The payment is due on August 2, 2026, following the exercise of the call option.

NCD Details and Terms

The debentures are unsecured, subordinated, listed, rated, redeemable, non-cumulative, and taxable. They carry a coupon rate of 7.50% per annum. The ISIN for these securities is INE511N08016. The redemption amount will be paid at par upon the exercise of the call option.

Regulatory Compliance

Axis Max Life submitted the intimation to the National Stock Exchange of India Limited (NSE) on July 7, 2026, under Regulation 60(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the record date was fixed in terms of Regulation 60(1) of the SEBI Listing Regulations.

Max Financial Services has received shareholder approval to extend the tenure of its Manager, Mr. V. Krishnan, and to regularise the appointment of Mr. Toru Nakabayashi as a Non-Executive Director. The resolutions were passed through a postal ballot process that concluded on July 5, 2026, with the requisite majority required under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Special Resolution sought approval for the extension of Mr. V. Krishnan’s term as Manager and Key Managerial Personnel for a period of two years, effective from July 1, 2026, to June 30, 2028. The resolution also authorised a total remuneration of up to ₹2,30,00,000 per annum, comprising fixed compensation of ₹1,90,00,000 and variable pay of up to ₹40,00,000. Additionally, shareholders approved a one-time special performance incentive of ₹25,00,000 for Mr. V. Krishnan.

The Ordinary Resolution concerned the regularisation of Mr. Toru Nakabayashi (DIN: 11703177) as a Non-Executive, Non-Independent Director. He was initially appointed as an Additional Director by the Board on May 13, 2026, and this regularisation makes him liable to retire by rotation.

Voting Results

The postal ballot and remote e-voting process was scrutinised by M/s. Sanjay Grover & Associates, Company Secretaries. The remote e-voting period commenced on June 6, 2026, and concluded on July 5, 2026. A total of 894 members participated in the e-voting for the Special Resolution, representing 30,57,65,934 equity shares, while 894 members participated for the Ordinary Resolution, representing 30,57,71,013 equity shares.

The detailed voting outcomes for the resolutions are summarised below:

Shareholder Participation

The total paid-up share capital of the company as on the cut-off date of May 29, 2026, was ₹69,02,29,542, divided into 34,51,14,771 equity shares of ₹2 each. Promoters and the Promoter Group held 43,16,256 shares and voted entirely in favour of both resolutions. Public Institutions and Public Non-Institutions also participated, with Public Institutions casting 30,10,61,396 votes in favour of the Manager's extension and 29,63,57,432 votes in favour of the Director's regularisation.