SG Finserve Limited appointed Mr. Deepak Kumar as Director (Non-Executive Non-Independent) at its meeting held on June 30, 2026. This appointment follows a change in designation from Additional Director, based on the recommendations of the Board of Directors and the Nomination and Remuneration Committee. The company confirmed that Mr. Kumar is not debarred from holding the office of Director by any order of the Securities and Exchange Board of India (SEBI) or other authority.

Profile and Experience

Mr. Deepak Kumar is a distinguished member of the Institute of Chartered Accountants of India (ICAI) with over two decades of professional experience. He possesses extensive expertise in finance, corporate strategy, and operations management. Currently, he serves as Director (Operations) and Group Chief Financial Officer at APL Apollo Tubes Limited, overseeing financial planning, treasury, taxation, compliances, and overall business operations.

Key Details

SG Finserve Limited has incorporated a wholly owned subsidiary, SG Insurance Brokers Limited, to expand its operations into the insurance broking sector. The subsidiary was incorporated on June 19, 2026, with the Certificate of Incorporation received on June 20, 2026. This strategic move allows the company to undertake direct insurance broking in both general and life insurance segments, subject to regulatory approvals.

The incorporation was approved by the Registrar of Companies, and the entity is fully owned by SG Finserve Limited. The authorized capital of SG Insurance Brokers Limited stands at Rs. 1,00,00,000, divided into 10,00,000 equity shares of Rs. 10 each. The entire paid-up share capital is held by the parent company as of the incorporation date.

Commencement of insurance broking operations is contingent upon receiving necessary approvals and registration from the Insurance Regulatory and Development Authority of India (IRDAI). The company has stated that it will inform the stock exchanges upon receipt of such approval. All activities will comply with applicable laws and regulatory requirements.

The details of the incorporation were disclosed to the stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had initially proposed the incorporation of this subsidiary in a disclosure dated January 23, 2026.

Key Details of SG Insurance Brokers Limited