IIFL Capital Services Limited announced the resignation of Mahesh Moopannar from his position as Chief Risk Officer and Senior Management Personnel (SMP), effective October 15, 2026.

The company filed an intimation with the BSE and NSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that the cessation of services is due to resignation rather than removal or other causes.

Reason for departure

In his resignation letter dated October 12, 2026, Moopannar stated that he is leaving to pursue better career opportunities and growth. He confirmed that there are no material reasons for his resignation other than those stated in the letter. The individual expressed gratitude to the Board, management, and colleagues for the professional growth extended during his tenure.

Disclosure details

The regulatory filing provided specific details regarding the change in senior management personnel as required by SEBI circulars.

The Company Secretary, Meghal Shah, signed the digital intimation on October 15, 2026. The filing notes that the company was formerly known as IIFL Securities Limited.

IIFL Capital Services Limited received a monetary penalty of ₹2,00,000 from the Securities and Exchange Board of India (SEBI) for compliance violations related to its Online Bond Platform Provider (OBPP) activities.

The penalty was imposed under Section 15HB of the SEBI Act, 1992, following an inspection of the company's operations between July 26, 2024, and March 31, 2025. The regulatory body identified specific procedural failures in the routing of orders and agreement executions.

Nature of Violations

SEBI’s adjudication order, dated October 13, 2026, highlighted two primary contraventions:

• Failure to ensure the routing of certain orders relating to listed debt securities through the Request for Quote (RFQ) platform of a recognised stock exchange.
• Failure to execute agreements with certain third-party sellers in accordance with the applicable SEBI regulatory framework governing OBPPs.

Remedial Measures and Impact

The company disclosed that it has discontinued the use of the existing platform. A new version of the platform, compliant with SEBI guidelines, is currently under implementation. Additionally, IIFL Capital stated that the agreements with third-party sellers have since been executed.

Regarding the financial implications, the company asserted that apart from the monetary penalty, there is no material impact on its financial, operational, or other activities. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.