Religare Enterprises Limited has announced the surrender of the license of its wholly owned subsidiary, MIC Insurance Web Aggregator Private Limited (MIC), along with the consequent closure of MIC's business operations. The decision was approved by the company's Board of Directors at a meeting held on May 12, 2026, with the board convening at 05:50 P.M. and concluding at 06:50 P.M.

Background and Board Decision

The development follows a prior board resolution passed on February 26, 2025, wherein the Board of Directors had approved the suspension of MIC's operations on a temporary basis, pending re-evaluation of the feasibility of its business model. At the May 12, 2026 board meeting, the board evaluated the current situation and accorded its approval for the formal surrender of MIC's license with the Insurance Regulatory and Development Authority of India (IRDAI) and the closure of its business operations.

Key Details of the Development

The following table summarises the key parameters of this corporate development:

Financial and Operational Impact

Religare Enterprises has clarified that MIC carries nil contribution to the company's turnover and only a negligible contribution to its net worth. As a result, the surrender of the license and closure of operations is stated to have no material impact on the financials of the company. The company has further confirmed that MIC does not have any liabilities as of the date of the announcement to any of its customers or any other person or entity. Customers are also stated to face no impact consequent to the surrender of MIC's license with IRDAI.

Disclosure and Compliance

The announcement was made under Regulation 30 and submitted to both the National Stock Exchange of India Ltd and BSE Limited as part of the company's regulatory disclosure obligations. The communication was signed by Anuj Jain, Company Secretary and Compliance Officer of Religare Enterprises Limited.

Religare Enterprises Limited has filed a regulatory disclosure with the National Stock Exchange of India and BSE Limited, dated May 12, 2026, providing updated contact details of Key Managerial Personnel (KMP) authorized to determine the materiality of disclosures to stock exchanges. The filing is made in compliance with Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Authorized Key Managerial Personnel

The Board of Directors of Religare Enterprises has designated the following KMPs under the company's "Policy for Determination of Materiality for Disclosure of Information." The table below outlines the updated contact details of the authorized personnel:

Policy Availability

The updated Policy for Determination of Materiality for Disclosure of Information is publicly accessible on the Religare Enterprises official website at https://religare.com/policies/ . This ensures transparency and ease of access for investors and stakeholders seeking to review the company's materiality framework.

Regulatory Compliance

The disclosure was submitted by Anuj Jain, Company Secretary & Compliance Officer of Religare Enterprises, and bears a digital signature dated May 12, 2026. The filing underscores the company's adherence to its obligations under SEBI's listing regulations, ensuring that the appropriate personnel are identified and reachable for the timely determination and communication of material information to the stock exchanges.