M&M Financial Services has executed a fourth amendment to its Employee Stock Option Scheme (ESOS) Trust deed, incorporating a new subsidiaries restricted stock units plan and updating trustee arrangements. The amendment, dated March 10, 2026, was communicated to both BSE Limited and National Stock Exchange of India Limited in compliance with regulatory requirements.

New Subsidiaries RSU Plan Integration

The primary purpose of the fourth amendment is to include the administration of the 'Mahindra & Mahindra Financial Services Limited – Subsidiaries Restricted Stock Units Plan 2026' within the existing trust framework. This new plan has been approved by the company's members and will be administered alongside the existing MMFSL RSU Plan 2023.

Trustee Composition Changes

The company has implemented several changes to its trustee composition since the third amendment executed on August 28, 2023. The current trustees include Mr. Aruna Poojary, Mr. Kapil Toshniwal, Ms. Ketaki Suklikar, and Mr. Dharmesh Vakharia.

Recent Trustee Movements

Resignations:

• Mr. Dinesh Prajapati resigned effective September 30, 2025, due to his designation as Chief Financial Officer at Mahindra Rural Housing Finance Limited
• Ms. Farida Balsara resigned effective October 31, 2025, following her movement to Mahindra & Mahindra Limited
• Mr. Sandeep Mandrekar resigned effective February 27, 2026, citing personal reasons

Appointments:

• Mr. Aruna Kumar Poojary was reappointed as Trustee effective November 1, 2025
• Ms. Ketaki Suklikar and Mr. Dharmesh Vakharia were appointed as Trustees effective November 1, 2025

Key Amendment Provisions

The fourth deed of amendment introduces several important modifications to the original trust deed. The trust will now administer both the MMFSL RSU Plan 2023 and the newly incorporated MMFSL Subsidiaries RSU Plan 2026, along with any future stock option plans formulated by the company.

Regulatory Compliance Framework

The amendments ensure full compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The trust deed explicitly states that in case of any conflict between the trust provisions and applicable laws, the statutory requirements will prevail. This framework provides flexibility for future employee benefit schemes while maintaining regulatory adherence.

The amendment was executed by Mr. Raul Rebello, Managing Director & Chief Executive Officer, on behalf of the company, with all four trustees providing their signatures to formalize the changes. Company Secretary Brijbala Batwal communicated the amendment to stock exchanges as required under regulation 3(3) of the SEBI regulations.

M&M Financial Services has announced the reaffirmation of its credit ratings from three major rating agencies, reinforcing its strong financial position in the market. The company received confirmations from CRISIL Ratings Limited, India Ratings & Research Private Limited, and CARE Ratings Limited on March 9, 2026, covering a comprehensive range of debt instruments.

India Ratings & Research Reaffirmations

India Ratings & Research Private Limited reaffirmed multiple instruments with 'IND AAA' ratings and stable outlook. The agency's assessment covers the company's largest debt portfolios across various categories.

CRISIL Ratings Confirmation

CRISIL Ratings Limited maintained its highest rating category across the company's key debt instruments, demonstrating confidence in the financial services provider's creditworthiness.

CARE Ratings Assessment

CARE Ratings Limited reaffirmed CARE AAA ratings with stable outlook across various debt categories, covering both public and privately placed instruments.

Regulatory Compliance and Disclosure

The company has fulfilled its regulatory obligations under Regulation 30(6) of the SEBI Listing Regulations by notifying both BSE Limited and National Stock Exchange of India about these rating reaffirmations. The notifications were received from the rating agencies at different times on March 9, 2026, with CRISIL providing confirmation at 02.52 p.m. (IST), India Ratings at 04.08 p.m. (IST), and CARE Ratings at 04.27 p.m. (IST). The rating information has been made available on the company's website under the debt information section for investor reference.