MAS Financial Services has addressed a violation of the SEBI (Prohibition of Insider Trading) Regulations, 2015, involving a designated person within the organization. The company's Audit Committee convened on May 19, 2026, to review the matter concerning a contra trade executed by Ms. Bhavna Bhatt, the Treasury Head.

Audit Committee Findings

The committee examined the execution of a contra trade involving 30 equity shares of the company carried out on May 06, 2026. The company had previously reported this violation to the stock exchanges on May 07, 2026, in compliance with the prescribed XBRL format and relevant SEBI circulars.

During the meeting, the Audit Committee sought clarifications from Ms. Bhavna Bhatt regarding the transaction. After evaluating her explanations, the committee concluded that the trades were insignificant in value and were undertaken inadvertently. Crucially, the investigation confirmed that no profit or financial benefit was derived from the transaction.

Disciplinary Action and Compliance

Based on the recommendation of the Audit Committee, the company has issued a stern warning letter to Ms. Bhavna Bhatt. She has been cautioned against repeating any such violation of the Code of Conduct in the future.

To prevent recurrence, MAS Financial Services stated that it regularly conducts training sessions for designated persons regarding insider trading regulations. The company plans to implement more comprehensive and enhanced training and awareness programs to strengthen its compliance mechanisms moving forward.

MAS Financial Services Limited, a company specialised in MSME financing, has announced the appointment of Mr. Dhvanil Gandhi (DIN: 10562922) as Executive Director of its subsidiary, MAS Rural Housing & Mortgage Finance Limited (MRHMFL). The announcement was made on Tuesday, May 12, 2026, from Ahmedabad.

Key Appointment Details

The following table summarises the key details of the appointment:

Profile of Mr. Dhvanil Gandhi

Mr. Dhvanil Gandhi brings over a decade of experience with MAS Financial Services Limited, where he has played a key role in strengthening the SME lending business across India. He has also been instrumental in driving initiatives within the insurance vertical, including obtaining the insurance broking licence, thereby expanding the company's ability to serve a wider customer base and support insurance penetration. Additionally, he is actively involved in investor relations and contributes significantly to the company's technology-led initiatives.

Academic and Professional Background

Mr. Gandhi's educational credentials and executive training span several leading institutions:

• Bachelor's degree in Business Administration from Ahmedabad University
• Postgraduate degree from Indian School of Business (ISB), Hyderabad
• Executive programmes at the following institutions:
  • Kellogg School of Management
  • IE Business School
  • London School of Economics and Political Science
  • National University of Singapore

Leadership Commentary

Commenting on the appointment, Mr. Kamlesh Gandhi, Founder, Chairman & Managing Director, stated:

"We are pleased to announce the appointment of Mr. Dhvanil Gandhi as Executive Director of our subsidiary company, MAS Rural Housing & Mortgage Finance Limited (MRHMFL). His appointment will further strengthen the Board and leadership team at MRHMFL."

The regulatory disclosure was filed by Riddhi Bhaveshbhai Bhayani, Company Secretary and Chief Compliance Officer (ACS No.: 41206), on behalf of MAS Financial Services Limited.