Religare Enterprises received 'no objection' from the National Stock Exchange of India Limited and 'no adverse observations' from BSE Limited on July 07, 2026 for its composite scheme of arrangement with Religare Finvest Limited. The scheme involves the demerger of Religare Enterprises Limited, acting as the Demerged Company, and Religare Finvest Limited, acting as the Resulting Company, along with their respective shareholders and creditors under sections 230 to 232 of the Companies Act, 2013.

The exchanges issued a set of observations based on comments from the Securities and Exchange Board of India (SEBI). Key directives include disclosing all details of ongoing adjudication, recovery proceedings, and enforcement actions against the company, its promoters, and directors before the Hon'ble NCLT and shareholders. The companies must ensure that all liabilities of the demerged company are transferred to the resulting company and that financials used in the scheme are not older than six months.

Shareholder Disclosures

The companies are required to include comprehensive information in the explanatory statement sent to shareholders. This includes the rationale for the demerger, synergies, cost-benefit analysis, and the basis for the share swap ratio. Specific financial details such as Revenue, PAT, and EBITDA for the last three years, along with the value of assets and liabilities being transferred, must be disclosed. Additionally, the companies must provide details of the Registered Valuer and Merchant Banker issuing the fairness opinion.

Listing Conditions for Religare Finvest Limited

The listing of shares of Religare Finvest Limited pursuant to the scheme is subject to SEBI approval and specific conditions. The company must submit an Information Memorandum containing all details about Religare Finvest Limited and its group companies to the NSE. An advertisement containing this information must be published in newspapers, drawing reference to the memorandum available on the company's website.

The scheme must include provisions ensuring that shares allotted remain frozen in the depository system until listing permission is granted and that there is no change in shareholding pattern or control between the record date and listing. Trading in securities must commence within sixty days of the receipt of the order from the Hon'ble High Court or NCLT.

Regulatory Compliance and Validity

The observation letters are valid for six months from July 07, 2026, within which the scheme must be submitted to the NCLT. The companies must incorporate the observations of SEBI and the stock exchanges in the petition filed before the NCLT. The exchanges clarified that the submission of documents does not imply approval of the financial soundness of the scheme or the correctness of statements made therein. The companies are also required to disclose the no-objection letters on their websites within 24 hours of receipt.

Religare Housing Development Finance Corporation Limited (RHDFCL), a step-down subsidiary of Religare Enterprises , has appointed Pavan Kumar Gupta as its Managing Director (MD) & Chief Executive Officer (CEO) effective July 01, 2026. This leadership change follows the resignation of the previous MD & CEO, Rahul Mehrotra, who stepped down consequent to the completion of his current term on June 30, 2026. The appointment of Gupta, approved by the Board of Directors on June 17, 2026, is subject to shareholder approval.

Gupta's date of joining was June 25, 2026, and he will serve as "MD & CEO designate" during the interim period until his formal assumption of the role. Before joining RHDFCL, he served as the CEO of Muthoot Housing Finance Company Limited. His prior experience includes 17 years at Dewan Housing Finance Limited (DHFL), Deutsche Postbank Home Finance Limited, and BHW Birla Home Finance Limited, where he held senior roles including Business Head, South & West, and Head of International Business at DHFL.

The new MD & CEO holds a Chartered Financial Analyst designation from ICFAI, Hyderabad, securing an All India Rank of 1 in Level 3. He also holds an MBA in Marketing & Finance and a B.Sc. in Physics (Honours) from Utkal University. Gupta has received recognition as a Most Admiring BFSI Leader by the World BFSI Congress in 2022 and was ranked among the Top 60 CEOs in India by StartupLanes in the same year.

RHDFCL disclosed that Pavan Kumar Gupta is not related to any of the Directors of the company. The regulatory filing was submitted by Anuj Jain, Company Secretary & Compliance Officer of Religare Enterprises Limited, on June 25, 2026.

Appointment Details