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

The Central Government has approved the appointment of Hitesh Rameshchandra Joshi as the Chairman-cum-Managing Director (CMD) of GIC of India effective June 16, 2026. The appointment, conveyed via a Ministry of Finance letter dated June 15, 2026, is valid until his superannuation on September 30, 2028, or until further orders, whichever is earlier.

Joshi was serving as Executive Director (ED) at the corporation prior to this elevation. The disclosure confirms he is not related to any existing directors and is not debarred from holding the office of director by any SEBI order or other authority. He also does not hold any equity shares or securities in the corporation.

Profile of Hitesh Rameshchandra Joshi

Joshi is a post-graduate in Accountancy from Mumbai University and holds a master's degree in financial management from the Jamnalal Bajaj Institute of Management Studies. He is also a Fellow of the Insurance Institute of India.

His career at the corporation spans diverse functions including reinsurance, retrocession, finance, and Enterprise Risk Management. He has also handled budgetary control, strategic planning, internal audit, credit rating, and investor relations. Previously, he served as Executive Assistant to the CMD.

As Executive Director, he oversaw Human Resource Management, International Business Operations, Information Technology, and Vigilance Compliance. His portfolio also included the Claims Vertical, Audit & Compliance, Budgeting, Right to Information, Grievance Redressal & Complaints, Legal, Mergers & Acquisitions, Digital Team, Business Intelligence Unit (BIU), Actuary, and Office support services.

The appointment was made under the powers conferred by Article 83 of the Articles of Association of the Corporation. Satheesh Kumar, Company Secretary & Compliance Officer, submitted the disclosure to the exchanges.