Equitas Small Finance Bank appoints new CFO and interim CRO

Equitas Small Finance Bank has accepted the resignation of its Chief Financial Officer, Mr. N Sridharan, effective June 30, 2026, following his superannuation. Concurrently, the bank's Chief Risk Officer, Mr. Sibi P.M, demitted office upon the completion of his five-year term. In response, the bank has appointed Mr. Mukund Shyamrao Barsagade as the new CFO and Mr. Taraka Ramana Prathipati as the Interim Chief Risk Officer, both effective July 1, 2026.

Changes in Key Managerial Personnel

Mr. N Sridharan ceased to be the Chief Financial Officer (KMP & SMP) with effect from the close of business hours on June 30, 2026. Consequently, he also stepped down from his roles as the Materiality Officer under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and as the Nodal Officer under the Investor Education and Protection Fund Rules, 2016. Mr. Sibi P.M ceased to be the Chief Risk Officer (SMP) from the close of business hours on June 30, 2026, upon the completion of his term of five years.

New Appointments

The bank confirmed the appointments of Mr. Mukund Shyamrao Barsagade as Chief Financial Officer (KMP & SMP) and Mr. Taraka Ramana Prathipati as Interim Chief Risk Officer (SMP), both effective from July 1, 2026. These changes were intimated to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The following table summarises the key personnel changes at Equitas Small Finance Bank:

Name:	Designation	Reason for Change	Effective Date
Mr. N Sridharan	Chief Financial Officer	Superannuation	June 30, 2026
Mr. Sibi P.M	Chief Risk Officer	Completion of term	June 30, 2026
Mr. Mukund Shyamrao Barsagade	Chief Financial Officer	Appointment	July 1, 2026
Mr. Taraka Ramana Prathipati	Interim Chief Risk Officer	Appointment	July 1, 2026

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.06%	+0.82%	+1.82%	+15.38%	+25.95%	+20.68%

Equitas Small Finance Bank has granted 3,00,000 stock options to an eligible employee at an exercise price of ₹77.08 per share. The grant, approved by the Nomination & Remuneration Committee on June 24, 2026, is governed by the ESFB Employees Stock Option Scheme, 2019, which complies with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

The shares arising from the exercise of these options will rank pari-passu with existing equity shares, including dividend rights. The options were granted at the market price as defined under the relevant SEBI regulations.

Vesting Schedule

The ESOPs will vest over a period of four years from the date of grant, with 25% vesting annually. The vesting is contingent upon continuity of service and performance assessment by the Nomination & Remuneration Committee or the Board.

Vesting Tranche	Vesting Date	Performance Period	No. of Options	Vesting Criteria
1st Vesting	Year 1 (Jun’27)	FY 25-26	75,000	50% continuity of service, 50% performance assessment
2nd Vesting	Year 2 (Jun’28)	FY 26-27	75,000	50% continuity of service, 50% performance assessment
3rd Vesting	Year 3 (Jun’29)	FY 27-28	75,000	50% continuity of service, 50% performance assessment
4th Vesting	Year 4 (Jun’30)	FY 28-29	75,000	50% continuity of service, 50% performance assessment

Exercise Details

The options can be exercised within three years from the date of vesting. Each stock option, upon exercise, will entitle the holder to one equity share of ₹10 each. The filing was made to the National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.