SBI Life Insurance: Narayan K Seshadri steps down as Independent Director

SBI Life Insurance announced that Mr. Narayan K Seshadri (DIN: 00053563) ceased to be an Independent Director of the company effective close of business hours on August 19, 2026. The cessation marks the completion of his tenure, which consisted of two consecutive terms of three years each.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The company informed the National Stock Exchange of India Limited and BSE Limited of the change in board composition.

Key Details

The filing provided the following specifics regarding the director's departure:

Reason for Change: Cessation as an Independent Director upon completion of tenure of two consecutive terms of three years each.
Effective Date: Close of business hours on August 19, 2026.
Regulatory Reference: SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Girish Manik, Company Secretary of the firm, signed the disclosure letter addressed to the listing departments of both exchanges.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.39%	-1.98%	-5.57%	-15.74%	-4.97%	+51.24%

SBI Life Insurance concluded its 26th Annual General Meeting (AGM) on August 14, 2026, with shareholders approving the company’s financial statements for the fiscal year ended March 31, 2026. The meeting, conducted via Video Conference or Other Audio-Visual Means (VC/OAVM), saw the passage of all ordinary business resolutions with significant shareholder backing.

Chaired by Non-Executive Chairman Challa Sreenivasulu Setty, the gathering included 81 members participating through electronic means facilitated by KFin Technologies Limited. Managing Director & CEO Amit Jhingran highlighted the insurer’s performance during FY25-26, noting growth in Individual New Business Premium and the launch of new products in the non-linked segment. He emphasized that low life insurance penetration in India presents a significant growth opportunity, supported by regulatory backing and digital transformation efforts.

Resolutions Passed

The shareholders approved four key resolutions during the proceedings:

Resolution Type	Description	Status
Ordinary	Adoption of Revenue Account, P&L, Cash Flow, and Balance Sheet for FY26	Passed
Ordinary	Confirmation of interim dividend declared on February 25, 2026 as final dividend	Passed
Ordinary	Fixation of remuneration for Statutory Auditors appointed by C&AG for FY27	Passed
Ordinary	Revision in remuneration of MD & CEO Amit Jhingran	Passed

The interim dividend declared on February 25, 2026, was formally confirmed as the final dividend for the year ended March 31, 2026. Additionally, the board sought approval for the remuneration of statutory auditors to be appointed by the Comptroller and Auditor General of India (C&AG) for the upcoming financial year.

Voting Results

Detailed voting data reveals strong institutional support across all resolutions. Out of 356,240 total shareholders on the record date, remote e-voting and poll votes were cast by approximately 1,662 members for the first resolution. The promoter group, holding 55,50,00,000 shares, voted unanimously in favor of all resolutions.

Public institutional investors also showed near-unanimous support. For the adoption of financial statements, public institutions polled 36,69,14,307 votes (89.8% of outstanding shares), with 100% in favor. Public non-institutional shareholders polled 1,24,310 votes, with 99.0% voting in favor.

The resolution to revise the remuneration of MD & CEO Amit Jhingran received 91,85,38,771 votes in favor out of 92,21,52,482 polled, representing a 99.6% approval rate. While the promoter group voted entirely in favor, public institutional shareholders cast 36,11,924 votes against the measure, though this did not affect the overall passage of the resolution.

Governance and Compliance

The meeting adhered to the Companies Act, 2013, SEBI Listing Regulations, and relevant Secretarial Standards. Joint Statutory Auditors from M/s. K.S. Aiyar & Co. and M/s. J. Singh & Associates, along with Secretarial Auditor Aashish Bhatt from M/s. Aashish Bhatt & Associates, were present. Scrutinizer Mehta & Mehta supervised the e-voting process.

Chairman Setty noted that there were no qualifications, observations, or adverse comments from the Statutory Auditors or Secretarial Auditor regarding the financial statements for FY26. The e-voting module remained open for 30 minutes, concluding the meeting at 4:06 pm. Voting results will be submitted to stock exchanges within two working days as per Regulation 44(3) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.