SBI Funds Management Limited has received a request from its promoter, State Bank of India, to reclassify Indian Digital Payment Intelligence Corporation (IDPIC) from the Promoter Group category to the Public category. This move is initiated in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company clarified that the entity proposed for reclassification does not hold any shares in SBI Funds Management Limited. The request was formally intimated to the National Stock Exchange of India and BSE Limited on October 16, 2026.

Regulatory compliance steps

SBI Funds Management stated it will take necessary steps to comply with Regulation 31A of the SEBI Listing Regulations. The matter will be placed before the board for analysis and views. Subsequently, the company will apply for necessary no objections and approvals from regulatory authorities, including SEBI and stock exchanges, as required.

This intimation is made pursuant to Regulation 31A(8)(a) of the SEBI Listing Regulations. The disclosure is also available on the company's website in compliance with Regulation 46.

Key details of the filing

The reclassification process underscores the ongoing alignment of promoter group definitions with current regulatory frameworks, ensuring transparency in shareholding patterns.

SBI Funds Management Limited appointed R.S. Srinivas Jain as the Joint Chief Executive Officer and Key Managerial Personnel of the company effective October 13, 2026.

The appointment was approved by the Board of Directors at a meeting held on the same date, based on the recommendation of the Nomination and Remuneration Committee. This move expands the company's senior leadership structure alongside existing Managing Director and CEO Debasish Mishra.

Leadership profile and tenure

Jain brings over 34 years of experience in the BFSI sector, including 27 years specifically in the mutual fund industry. He has been associated with the company since May 7, 2001, accumulating more than 25 years of internal tenure. Prior to this elevation, he served as Executive President, overseeing Strategy, Digital & Technology, Marketing, and Investor Relations.

His academic background includes a bachelor's degree in commerce from Vijaya Evening College, Bangalore University, and he is an intermediate pass from the Institute of Cost and Works Accountants of India. He also holds NISM certification for mutual fund distributors and completed management development programmes at XLRI Jamshedpur and ISB.

Revised key managerial personnel list

The company disclosed the updated list of Key Managerial Personnel authorized for materiality determinations and stock exchange disclosures. The revised leadership team includes:

Strategic implications

The appointment of a Joint CEO with a strong background in digital strategy and technology signals a potential focus on digital transformation within the asset management operations. Jain’s previous role as Chief of Strategy, Digital & Technology suggests his new mandate may involve integrating technological advancements with broader business growth strategies. The board meeting commenced at 6:54 pm and concluded at 7:15 pm on October 13, 2026.