The Ministry of Finance has nominated Dr. Debasish Prusty, Additional Secretary in the Department of Financial Services, as a Director on the Board of gic of india with immediate effect. The appointment was communicated via a letter dated June 19, 2026, and Dr. Prusty will serve until further orders, replacing Shri Tapan Kumar Mondal.

The disclosure was made under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dr. Prusty is not related to any of the existing Directors of the Corporation and is not debarred from holding the office of Director by any SEBI order or other authority.

Dr. Debasish Prusty is a member of the Indian Administrative Service with over 26 years of experience in Public Finance, Sustainable Development, and Environmental and Urban Governance. He holds a Doctor of Philosophy from the Management Department of Manipal University Jaipur and a Master of Philosophy in Environmental Sciences from Jawaharlal Nehru University, Delhi.

Professional Background

Dr. Prusty has contributed significantly to India's international collaborations, including the launch of the International Solar Alliance (ISA) platform in 2015 while serving as Director in the Climate Change division of the Ministry of Environment, Forest and Climate Change. He represented India's negotiating team at the United Nations Conference on Climate Change (UNFCCC) and was a member of the standing committee on Finance of the UNFCCC in 2016.

He has received training from the International Monetary Fund (IMF) in the field of Finance for Macro-economists. His profile is annexed as per SEBI Master Circular no HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

GIC of India has appointed Rajesh Laheri as its Chief Financial Officer and Key Managerial Personnel effective June 18, 2026. He succeeds V. Balkrishna, who ceased to hold the position of CFO on the same date. The transition follows a disclosure made to the stock exchanges under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rajesh Laheri joined GIC Re in April 1998 as a Direct Recruit officer. He is an Associate Member of the Institute of Chartered Accountants of India and has also cleared the final examinations of the Institute of Company Secretaries of India and the Institute of Cost and Works Accountants of India. Additionally, he is a Fellow Member of the Insurance Institute of India. His previous roles include handling Finance and IT functions at GIC Re's London branch for six years. Prior to this appointment, he was in charge of the General Accounts and Taxation Department of the Corporation.

V. Balkrishna stepped down from the role of CFO to avail voluntary retirement under the Corporation's Voluntary Retirement Scheme (VRS) due to personal reasons. In his resignation letter dated April 20, 2026, addressed to the Board of Directors, he stated that he would continue to perform functions for the current month and requested that the remaining notice period be utilised for the transition process. He expressed gratitude to the Board for the opportunity to serve as CFO.

Despite his resignation as CFO, Balkrishna continues to be a part of the Senior Management, serving in the capacity of General Manager of the Corporation. The company has attached the detailed disclosure regarding the appointment and the resignation letter as annexures to the regulatory filing.

Key Management Changes