Tamilnad Mercantile Bank Limited has notified the National Stock Exchange of India and Bombay Stock Exchange about amendments to its Fair Disclosure principles under SEBI (Prohibition of Insider Trading) Regulations, 2015. The notification was made in compliance with Regulation 8(2) of the SEBI regulations.

Board Approval and Implementation

The bank's Board of Directors approved the amendments during their meeting held on March 24, 2026. The changes to the Principles of Fair Disclosure for Purposes of Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information became effective immediately from the same date.

Regulatory Compliance

The notification was submitted pursuant to Regulation 8(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015, which mandates companies to inform stock exchanges about amendments to their fair disclosure policies. The communication was signed by Swapnil Yelgaonkar, Company Secretary & Compliance Officer, and addressed to both major Indian stock exchanges.

Document Accessibility

The amended Fair Disclosure principles document has been made available on the bank's official website under the regulatory policies section. This ensures transparency and provides stakeholders with access to the updated guidelines governing the disclosure of unpublished price sensitive information.

The bank operates from its head office located at 57- V.E. Road, Thoothukudi, and maintains its commitment to regulatory compliance through timely notifications to relevant authorities and stakeholders.

Tamilnad Mercantile Bank Limited announced that its Board of Directors has approved the extension of Chief Risk Officer Thiru. Laxman Karkala Kudva's service period for an additional year. The decision was made during the board meeting held on March 24, 2026, ensuring continuity in the bank's risk management leadership.

Extension Details and Timeline

The board approved extending Kudva's tenure as Executive Vice President and Chief Risk Officer for one more year, effective from August 12, 2026 to August 11, 2027. His current appointment, which began on August 12, 2024, was originally scheduled to conclude on August 11, 2026.

Regulatory Compliance

The extension decision aligns with regulatory requirements set by the Reserve Bank of India. The bank stated that the extension complies with the Master Direction issued by RBI on Governance – RBI/DOR/2025-26/149 DOR.HGG.GOV.No.68/29.67.001/2025-26 dated November 28, 2025. This ensures the bank maintains appropriate governance standards in its risk management function.

Professional Background

Thiru. Laxman Karkala Kudva brings extensive banking experience to his role at Tamilnad Mercantile Bank. His professional credentials include:

• Bachelor's degree in Science (B.Sc.)
• Certified Associate of the Indian Institute of Banking and Finance (CAIIB)
• 40 years of banking career experience
• 14 years of experience in executive cadre
• 16 years specializing in Risk Management

Kudva began his banking journey in 1986, working with erstwhile Corporation Bank and subsequently with Union Bank of India. Throughout his career, he has headed various branches and administrative offices, gaining comprehensive experience across different banking operations.

Board Meeting Information

The board meeting that approved this extension commenced at 10:30 a.m. IST and concluded at 07:20 p.m. IST on March 24, 2026. The bank has communicated this decision to both the National Stock Exchange of India Limited and BSE Limited, fulfilling its disclosure obligations under SEBI regulations.

The extension ensures stability in the bank's risk management framework while maintaining compliance with regulatory guidelines for senior management appointments in the banking sector.