Max Financial Services Limited has announced a key board change at its material subsidiary Axis Max Life Insurance Limited, appointing a new Independent Director as part of its governance structure.

Director Appointment Details

The Board of Directors of Axis Max Life Insurance Limited approved the appointment of Mr. Sanjay Vij (DIN: 09460669) as an Additional Director in the Independent category during their meeting held on April 2, 2026. The appointment details are structured as follows:

Leadership Transition

Mr. Vij's appointment comes as Mr. Rajesh Khanna (DIN: 00032562) retires from his position as Independent Director of Axis Max Life Insurance. Mr. Khanna will complete his tenure at the end of April 5, 2026, as previously communicated to the exchange on February 12, 2026.

Professional Background

Mr. Sanjay Vij brings substantial experience from the life insurance sector to his new role. His career highlights include:

• Digit Life: Served as Deputy CEO
• Exide Life: Held position of Executive Director and Principal Officer
• HDFC Life: Worked from 2001 to 2021 in various capacities, with his final role being Group Head - Bancassurance and Chief Values Officer

Prior to his insurance career, Mr. Vij gained experience across multiple industries with companies including HCL Limited, Blue Star, Core Parenterals Ltd., Span Medicals Limited, and Birla AT&T Communications Limited.

Educational Qualifications

Mr. Vij holds strong academic credentials that complement his professional experience:

• Bachelor's Degree in Science from Gujarat Agriculture University
• Master's Degree in Business Administration from the Faculty of Management Studies, MS University of Baroda

Regulatory Compliance

The appointment has been made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Max Financial Services has confirmed that Mr. Vij is not debarred from holding the office of Director by SEBI or any other regulatory authority. The disclosure was filed under Regulation 30 of SEBI LODR for the parent company and Regulation 51 for the subsidiary.

The appointment will be subject to regularization by shareholders at Axis Max Life Insurance's upcoming Annual General Meeting, following standard corporate governance procedures.

Max Financial Services Limited has announced the retirement of Independent Director K. Narasimha Murthy (DIN: 00023046) upon completion of his tenure on March 29, 2026. The retirement comes after shareholders rejected the proposal for his re-appointment at the company's Annual General Meeting.

Director Tenure and Re-appointment Proposal

Murthy was initially appointed as an Independent Director for a five-year term from March 30, 2021 to March 29, 2026. Based on the recommendation of the Nomination and Remuneration Committee, the Board had approved his re-appointment for a second consecutive five-year term from March 30, 2026 to March 29, 2031, subject to shareholder approval.

Shareholder Voting Results

At the 37th Annual General Meeting held on September 18, 2025, shareholders voted on the special resolution for Murthy's re-appointment. The voting results showed insufficient support for the proposal:

The resolution fell short of the requisite 75% majority required for passing a special resolution, leading to its rejection.

Retirement Details

Following the unsuccessful re-appointment vote, Murthy will retire as an Independent Director at the close of business hours on March 29, 2026. The company has filed the necessary disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Acknowledgment

The Board and Management of Max Financial Services have extended their appreciation for Murthy's valuable contributions during his association with the company. The retirement represents a standard corporate governance process following the completion of an Independent Director's tenure and unsuccessful re-appointment approval.

The disclosure has been made pursuant to regulatory requirements and has been communicated to both BSE Limited and National Stock Exchange of India Limited as per standard compliance procedures.