VB Desai Financial Services has reshuffled its board composition with the appointment of two key executives during its board meeting on August 17, 2026. The company appointed Mr. Suraj Ravishchandra Vishwakarma as a Non-Executive Independent Director and elevated existing Non-Executive, Non-Independent Director Mr. Hemendra Jitendra Shroff to the role of Non-Independent Executive Director cum Chief Financial Officer.

The appointments were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The changes also triggered the reconstitution of several statutory committees within the company.

Board Appointments

Mr. Suraj Ravishchandra Vishwakarma brings over 10 years of experience in Cyber Law, Criminal Law, and Civil Law. He holds qualifications in B.Com, LLM, and a Post Graduate Diploma in Cyber Law. He is not related to any director, promoter, or promoter group of the company and holds no directorships in other listed companies.

Mr. Hemendra Jitendra Shroff, who joins the executive team, has more than 27 years of experience in investment banking and related businesses. He is related to promoters Mr. Jitendra R. Shroff, Mr. Pradip R. Shroff, and Mr. Manoj T. Shroff.

Committee Reconstitution

Following the appointments, the company reconstituted its Audit, Nomination and Remuneration, Stakeholders Grievance, and Risk Management Committees.

Audit Committee

Nomination and Remuneration Committee

Stakeholders Grievance Committee

Risk Management Committee

V B Desai Financial Services has disclosed the demise of Shashank Shripad Vijayakar, who served as the company’s Chief Financial Officer and was designated as a Key Managerial Person. The loss occurred on August 09, 2026, marking a significant change in the firm’s senior leadership team for the Mumbai-based Category I Merchant Banker.

The disclosure was submitted to the Bombay Stock Exchange on August 10, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing references Part A of Schedule III of the Listing Regulations and updated SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

Cessation Details

The company provided specific details regarding the change in key managerial personnel in an annexure to the exchange filing. The information confirms that the reason for the change is the death of Mr. Shashank Shripad Vijayakar. The date of cessation is recorded as August 09, 2026. No brief profile or disclosure of relationships between directors was applicable for this event, as these fields pertain to appointments rather than cessations due to death.

Pradip R. Shroff, Managing Director of V B Desai Financial Services Limited, signed the communication addressed to the Corporate Relations Department at BSE Limited’s P.J.Towers in Mumbai. The company holds SEBI Registration No. INM 000002731 and operates under Company Code No. 511110 on the exchange.