SBI Funds Management approved a change in designation for senior management personnel Mr. Rajat Grover during its board meeting held on August 20, 2026.

The Board of Directors designated Mr. Grover as Chief People & Sustainability Officer (CPSO). He previously served as Chief Human Resources Officer and Head Corporate Social Responsibility.

Key Details

• Effective date of the designation change is August 20, 2026.
• Mr. Grover continues as Senior Management Personnel (SMP) in the company.
• The move adds oversight of sustainability to his existing responsibilities.

This intimation was issued pursuant to Regulation 30 read with Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The details are also available on the company’s website.

SBI Funds Management has initiated a postal ballot process to seek shareholder approval for the ratification of its Employees' Stock Option Plan 2018 (ESOP 2018) and the extension of its benefits to employees of present and future subsidiaries. This move is mandatory under Regulation 12(1) of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, following the company's initial public offer listing on July 21, 2026. Shareholders must cast their votes electronically between August 8, 2026, and September 6, 2026.

The postal ballot also seeks approval for four other key resolutions: the appointment of M/s. N L Bhatia & Associates as the secretarial auditor for five financial years; the adoption of amended Articles of Association to incorporate special rights for certain shareholders pursuant to a waiver cum amendment agreement; and the grant of special rights under a governance agreement dated March 19, 2026. These special rights pertain to board nomination rights, committee composition, and information rights for State Bank of India (SBI) and Amundi India Holding (AIH).

Voting Details

Eligible shareholders are those whose names appear in the Register of Members or Register of Beneficial Owners as received from the depositories on the cut-off date of Monday, August 03, 2026. The company has engaged Central Depository Services (India) Limited (CDSL) to provide the remote e-voting facility. The voting module will be disabled after the conclusion of the e-voting period.

ESOP 2018 Ratification

The ESOP 2018 was originally approved by the Board on January 20, 2018, and by shareholders on January 31, 2018. It was last amended in February 2023 to align with SEBI regulations. As of June 30, 2026, the maximum aggregate number of options yet to be offered or granted under the plan is 92,14,080, including expired or lapsed options. The scheme aims to align employee compensation with long-term organizational performance and shareholder value creation. Options vest over periods of three, four, or five years from the grant date and are exercisable within six years from the date of first vesting.

Secretarial Auditor Appointment

Shareholders are asked to approve the appointment of M/s. N L Bhatia & Associates as the secretarial auditor for a term of five consecutive financial years, from FY2027 to FY2031. The proposed remuneration for FY2027 is ₹ 3 lakhs plus applicable taxes and reimbursement of out-of-pocket expenses. The firm has served as the secretarial auditor since FY2022.

Special Rights and Governance

The ballot includes resolutions to adopt amended Articles of Association to incorporate special rights for SBI and AIH as per the waiver cum amendment agreement dated March 19, 2026, and the governance agreement of the same date. These rights include specific board nomination rights, appointment processes for key executives, and consultation rights regarding internal controls and compliance heads. Under Regulation 31B of the SEBI Listing Regulations, these special rights require shareholder approval via special resolution once every five years.

What the Numbers Show

The ratification of the ESOP 2018 is a procedural necessity post-IPO rather than a new dilutive event, as no new options have been granted since the listing. The pool of 92,14,080 options represents the remaining unallocated balance from the pre-listing era. The extension of benefits to subsidiary employees broadens the retention tool's scope without increasing the total option cap, suggesting management's intent to align incentives across the group structure while adhering to strict regulatory compliance frameworks established by SEBI.