Max Financial Services received a final order from the Securities and Exchange Board of India on August 24, 2026, disposing of proceedings against 12 noticees without any penalty or direction.

The regulator issued the order around 8:32 pm, concluding the phase of the investigation initiated following a show cause notice received by the company and its subsidiary, Axis Max Life Insurance Limited, in October 2024. The proceedings related to a ₹3,911 crore transaction matter involving Max Financial Services, Max Life Insurance and Axis entities.

Regulatory Outcome

The SEBI order covers Noticee no. 1 to 12. The proceedings were initiated after the regulator sent a show cause notice via email on October 25, 2024. The company had previously disclosed receipt of this notice on October 26, 2024, and October 29, 2024.

The disposal without penalty applies strictly to these 12 entities. The proceedings do not cover all individuals originally cited in the regulatory action.

Pending Settlements

Thirteen additional noticees, identified as present or former non-executive or independent directors of the company, have filed settlement applications. These applications are currently under process.

A final order regarding these 13 noticees has not yet been issued. The company awaits the regulator's decision on these separate settlement matters.

What the Numbers Show

The resolution of the primary show cause notice for the majority of cited parties removes immediate regulatory uncertainty for the company and its key management. The bifurcation of the case into a resolved segment (12 noticees) and a pending settlement segment (13 noticees) indicates a structured approach by the regulator to handle distinct categories of respondents.

Max Financial Services Limited shareholders approved all five resolutions tabled at the company’s 38th Annual General Meeting (AGM) held on August 19, 2026. The resolutions included the adoption of standalone and consolidated audited financial statements for the fiscal year ended March 31, 2026, alongside governance matters concerning board composition and director remuneration.

The voting process was conducted through remote e-voting and e-voting during the AGM via video conferencing or other audio-visual means. Sanjay Grover & Associates served as the scrutinizer for the meeting, overseeing the electronic voting process in compliance with Section 108 of the Companies Act, 2013 and SEBI Listing Regulations.

Voting Results Overview

All resolutions were passed with significant support from shareholders. The promoter group and public institutional investors participated heavily in the voting process, while non-institutional public shareholders cast a smaller proportion of their holdings.

Shareholder Participation Details

As on the cut-off date of August 12, 2026, the company had a total paid-up equity share capital of ₹69,02,29,542 divided into 34,51,14,771 equity shares of ₹2 each. There were 87,099 shareholders on record.

The promoter group held 43,16,256 shares and voted 100% of their holding in favor of all resolutions. Public institutional investors held 31,86,67,363 shares, casting votes on approximately 93.37% to 93.40% of their holdings depending on the resolution. Public non-institutional investors held 2,21,31,152 shares but voted only 1.35% of their holdings across the resolutions.

Governance Approvals

Shareholders reappointed Mr. Analjit Singh, who retires by rotation, as a director. The resolution received 97.89% support among valid votes polled. Additionally, special resolutions approving the payment of remuneration to independent directors Mr. Jai Arya and Sir Richard Stagg were passed with 99.99% and 99.71% support respectively.

The company confirmed that no promoter or promoter group had an interest in any of the agenda items or resolutions. The scrutinizer’s report was countersigned by Siddhi Suneja, Company Secretary and Compliance Officer of Max Financial Services Limited.