M&M Financial Services has announced the resignation of its Chief Business Officer, Mr. Bijoy Thaplial, effective December 31, 2025. The departure marks a significant change in the company's senior management structure as Thaplial steps down from his role overseeing leasing, partnerships, and payments operations.

Resignation Details

The company filed a formal intimation with stock exchanges under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. According to the regulatory filing, Thaplial tendered his resignation citing personal reasons, as documented in his resignation letter submitted to the company.

Regulatory Compliance

The financial services company fulfilled its disclosure obligations by informing both the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) about the senior management personnel change. The notification was signed by Chief Financial Officer Pradeep Agrawal and submitted on December 31, 2025, at 18:56:25 IST.

The company has also uploaded this intimation on its official website under the investor relations section for regulatory filings, ensuring transparency with stakeholders and compliance with SEBI Master Circular requirements.

Management Transition

Thaplial's departure removes a key executive from the company's leadership team responsible for critical business verticals including leasing operations, strategic partnerships, and payment solutions. His role encompassed significant operational responsibilities within the financial services organization's business development and partnership management functions.

M&M Financial Services has announced the transfer of 21,022 equity shares from its Employees' Stock Option Trust to eligible employees on December 29, 2025. The transfer was executed following the exercise of vested stock options by employees under the company's established employee compensation schemes.

ESOP Transfer Details

The share transfer was conducted under two employee compensation programs: the Mahindra Financial Services Limited Employees' Stock Option Scheme 2010 and the Mahindra & Mahindra Financial Services Limited Restricted Stock Units Plan 2023. The company informed both BSE Limited and the National Stock Exchange of India about this corporate action through an official intimation.

Employee Allocation Breakdown

The 21,022 equity shares were distributed among 10 eligible employees, with varying allocations based on their vested stock options:

Corporate Governance Compliance

The transfer was formally communicated to stock exchanges through proper regulatory channels, with Chief Financial Officer Pradeep Agrawal signing the intimation letter. The company provided comprehensive details of all eligible employees and their respective share allocations in compliance with disclosure requirements.

Employee Stock Ownership Programs

This transfer represents the practical implementation of the company's employee stock ownership initiatives, allowing eligible personnel to convert their vested stock options into actual equity ownership. The exercise of these options demonstrates employee confidence in the company's prospects and aligns employee interests with shareholder value creation.

The completion of this ESOP transfer reflects the ongoing execution of Mahindra & Mahindra Financial Services Limited's employee compensation and retention strategies through equity participation programs.