Max Financial Services Limited (MFSL) has announced a significant change in the board composition of its material subsidiary, Axis Max Life Insurance. The company has appointed Ms. Rajkamal Vempati as an additional director in a non-executive capacity, effective October 1, 2025.

Board Appointment Details

Ms. Vempati's appointment comes as a nomination from Axis Bank, replacing Mr. Arjun Chowdhry, whose nomination withdrawal and resignation were disclosed on September 2, 2025. She will hold office until the next Annual General Meeting of Axis Max Life Insurance, where her appointment is expected to be regularized by the shareholders.

Professional Background

Ms. Rajkamal Vempati brings a wealth of experience to her new role:

• Currently serves as Group Executive & Head of Human Resources at Axis Bank
• Member of the Management Committee at Axis Bank
• Co-chairperson of the FICCI HR Committee
• Previously headed Human Resources for ICICI Lombard General Insurance Company

Educational Qualifications

• Science degree from Himachal Pradesh University
• MBA from XLRI Jamshedpur
• Honored with Honoris Causa, Doctor of Philosophy (Ph.D.) by Manav Rachna International Institute of Research and Studies

Career Highlights

Ms. Vempati is known for her passion in sustaining a human workplace and creating an inclusive culture. Under her leadership, Axis Bank has been recognized as an employer of choice for its Diversity, Equity & Inclusion efforts. The bank's Giga Opportunities program has also received widespread acclaim.

Previous Experience

• Consultant at Hewitt Associates
• Part of the HR Leadership Program at GE Capital
• Diverse roles at ICICI Prudential Life Insurance

The appointment of Ms. Vempati aligns with the agreements between Max Financial Services Limited, Axis Max Life Insurance, and Axis Bank Limited. This strategic move is expected to bring fresh perspectives to the board of Axis Max Life Insurance, leveraging Ms. Vempati's extensive experience in human resources and organizational leadership.

Max Financial Services Limited has confirmed that Ms. Vempati is not debarred from holding the office of Director by any SEBI order or any other authority. The company looks forward to benefiting from her expertise as it continues to strengthen its position in the insurance sector.

Max Financial Services Limited (MFSL) has announced the appointment of Ms. Siddhi Suneja as its new Company Secretary and Compliance Officer, effective October 1, 2025. The decision was made by the company's Board of Directors following a recommendation from the Nomination and Remuneration Committee.

Key Appointment Details

Professional Background

Ms. Suneja brings a wealth of experience to her new role at Max Financial Services Limited. She has been associated with Axis Max Life Insurance Limited for eight years, during which time she has made significant contributions to the company's governance function.

Career Highlights

• Capital Raising: Played a crucial role in various capital raising transactions, including the Axis infusion and two rounds of debt raises in 2021 and 2025.
• Organizational Changes: Instrumental in the company's structural changes and leadership transition, particularly in relation to Axis representation.
• Regulatory Compliance: Actively involved in the incorporation process of Max Life Pension Fund Management Limited and supported the Axis Max Life management team with Board governance and regulatory matters.

Educational Background

Ms. Suneja's qualifications include:

• Commerce graduate
• Law graduate
• Member of the Institute of Company Secretaries of India

Board Meeting Details

The appointment was approved during a Board meeting held on September 30, 2025, which commenced at 12:30 PM and concluded at 12:50 PM.

Max Financial Services Limited continues to strengthen its corporate governance structure with this strategic appointment. Ms. Suneja's extensive experience in the financial services sector, particularly her tenure with Axis Max Life Insurance Limited, positions her well to contribute to MFSL's compliance and secretarial functions.