Max Financial Services has informed the stock exchanges of a key regulatory development at its material subsidiary, Axis Max Life Insurance Limited. The Insurance Regulatory and Development Authority of India (IRDAI), via its e-mail dated May 11, 2026, has approved the appointment of Mr. Subrat Mohanty as the Chairman of the Board of Directors of Axis Max Life Insurance Limited. The disclosure was filed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

The following table summarises the key details of the approved appointment:

Background and Regulatory Context

Axis Max Life Insurance Limited, formerly known as Max Life Insurance Co. Ltd., is a material subsidiary of Max Financial Services. The appointment follows an earlier disclosure made by Axis Max Life Insurance Limited dated September 03, 2025, which had initially communicated the proposed appointment. The IRDAI's approval, received on May 11, 2026, formally confirms Mr. Mohanty's elevation to the chairmanship role.

The disclosure to the exchanges was signed by Siddhi Suneja, Company Secretary and Compliance Officer of Max Financial Services, on May 11, 2026. A corresponding disclosure was also filed by Axis Max Life Insurance Limited with the National Stock Exchange of India Limited, signed by Anurag Chauhan, General Counsel and Company Secretary of Axis Max Life Insurance Limited.

Filing and Compliance

The regulatory filing was submitted to both BSE Limited and the National Stock Exchange of India Limited as required under the applicable provisions of SEBI LODR. The disclosure from Axis Max Life Insurance Limited to NSE was enclosed as an annexure to the filing made by Max Financial Services, ensuring dissemination of the information to the public and the stock exchanges.

Max Financial Services Limited has filed a disclosure with stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, informing of multiple board-level decisions taken at its Board meeting held on May 12, 2026. The developments include a director resignation and a corresponding appointment, the extension of the term of its Manager (KMP), and the re-appointment of its Internal Auditors.

Board-Level Director Change

Mr. Mitsuru Yasuda (DIN: 08785791), who served as a Non-Executive Non-Independent Director on the Board of Max Financial Services Limited, resigned from his position with effect from the close of business hours on May 12, 2026. The resignation was attributed to internal personnel re-assignment and other professional commitments at Mitsui Sumitomo Insurance Company Ltd. ("MSI"), as stated in his resignation letter dated May 12, 2026. Mr. Yasuda confirmed that there is no other material reason for his resignation beyond what is stated in the said letter. Apart from Max Financial Services Limited, Mr. Yasuda does not hold any directorship in any other listed entity.

In his place, the Board approved the appointment of Mr. Toru Nakabayashi (DIN: 11703177) as an Additional Director in the capacity of a Non-Executive Non-Independent Director, effective May 13, 2026. Mr. Nakabayashi has been nominated by MSI in terms of the extant agreements executed with the Company, in place of Mr. Mitsuru Yasuda. He will hold office up to the date of the ensuing Annual General Meeting of the Company. The key details of the director change are summarised below:

Profile of Mr. Toru Nakabayashi

Mr. Toru Nakabayashi is a senior insurance executive with over 20 years of experience across Japan, Indonesia, and Malaysia, specialising in life and health insurance, corporate governance, risk management, and strategic business development. He currently serves as Head of Japan Desk & Strategic Business Development at Hong Leong Assurance Berhad, Malaysia, reporting directly to the CEO and serving on the Executive Committee, with extensive experience in shareholder relations, cross-border governance, and executive-level engagement within a listed life insurance group. He has also served as Chief Customer and Marketing Officer at PT MSIG Life Insurance Indonesia Tbk. and held senior leadership roles within the Mitsui Sumitomo Insurance Group, where he led overseas subsidiary governance, M&A analysis, bancassurance partnerships, and operational oversight. Max Financial Services Limited confirmed that Mr. Toru Nakabayashi is not debarred from holding the office of Director pursuant to any order of SEBI or any other regulatory authority.

KMP Term Extension and Internal Auditor Re-appointment

The Board also approved the extension of the term of Mr. V. Krishnan as the Manager (KMP) of the Company under the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations, for a further period of 2 (two) years with effect from July 1, 2026, subject to shareholder approval. Mr. V. Krishnan has been associated with the Max Group since 1992 and has over 34 years of experience in corporate regulatory and compliance matters, including joint ventures, fund raising, mergers & acquisitions, stakeholder management, business restructuring, and corporate law compliances. He has been serving as the Manager (KMP) of Max Financial Services Limited since July 1, 2023, and previously served as Company Secretary of the Company from July 2019. He is a Fellow Member of the Institute of Company Secretaries of India. In addition, the Board approved the re-appointment of M/s MGC & KNAV Global Risk Advisory LLP as Internal Auditors of the Company for the financial year 2026-27.

The key details of the KMP extension are as follows:

The Board meeting commenced at 1645 hrs and concluded at 1715 hrs on May 12, 2026. The disclosure was signed by Siddhi Suneja, Company Secretary & Compliance Officer of Max Financial Services Limited.