M&M Financial Services has announced the reaffirmation of its credit ratings from two prominent rating agencies, reinforcing its strong financial position in the market. The company received these rating confirmations on January 12, 2026, from both CRISIL Ratings Limited and India Ratings & Research Private Limited, as disclosed under Regulation 30 of SEBI Listing Regulations.

India Ratings Reaffirmation Details

India Ratings & Research Private Limited provided comprehensive rating reaffirmations across eight different financial instruments. The agency maintained its AAA rating with stable outlook for the majority of the company's debt portfolio.

The rating agency noted that ₹2,000 crores of retail non-convertible debentures were moved to private subordinated debt, while maintaining the overall credit quality assessment. The retail non-convertible debentures limit remains interchangeable with retail subordinated debt.

CRISIL Rating Confirmation

CRISIL Ratings Limited reaffirmed its ratings across three key instrument categories, maintaining the AAA rating with stable outlook for long-term instruments.

Regulatory Compliance and Transparency

The rating reaffirmations were communicated to both BSE Limited and National Stock Exchange of India Limited in compliance with SEBI Listing Regulations. The company has also made this information available on its official website under the debt information section for investor access.

These rating confirmations from two leading credit rating agencies underscore the company's maintained creditworthiness across its diverse debt instrument portfolio, covering both retail and institutional funding sources.

The gender pay gap among board directors at European financial services companies has reached its most severe level in six years, raising concerns about compensation equity despite improvements in female representation. According to consultancy EY's latest research, female non-executive directors at banks, insurers, and asset managers across Europe earned just 62% of their male counterparts' compensation in 2024, marking a decline from 65% in 2023.

Widening European Disparity

The 2024 figures represent the largest gender pay gap in European financial services since EY began collecting this data in 2019. This deterioration is particularly striking given the simultaneous increase in female board participation across the region.

Despite the widening pay gap, women's representation on European financial services boards has shown steady improvement, increasing by 6 percentage points over four years to reach 41% of non-executive positions in 2024.

Regional Variations in Pay Equity

The situation varies dramatically across global regions, with North America demonstrating significantly better pay parity. Female directors in North America earned 94% of their male counterparts' compensation in 2024, maintaining the same level as the previous year.

North American women also achieved notable representation gains, comprising 38% of non-executive roles in 2024, up 6 percentage points from 2020 levels.

Global Compensation Analysis

At the global level, the gender pay disparity in financial services boards remains substantial and persistent. Female board directors received average compensation of $252,672.00 compared to $325,402.00 for their male counterparts in 2024, representing a 22% pay gap that has remained largely unchanged over the past five years.

"The widening gender pay gap in Europe's largest financial firms is a stark reminder that greater representation does not directly translate into pay parity," said Omar Ali, EY global financial services leader. "While board-level gender diversity is rising, it is at a slow pace and tapers with age."

Age-Related Pay Premiums

The research revealed additional disparities related to age, with older non-executives commanding significant pay premiums across regions:

• Europe: 24% premium for directors aged 70 and over
• Asia Pacific: 43% premium for senior directors
• US and Canada: 8% premium, the smallest regional gap

Ali noted that while valuing experience is understandable, financial services firms increasingly need digital expertise, skills that may also reside with younger candidates.

Technology Skills as Opportunity

Separate research by 25X25, a London-based women's leadership advocacy group, suggests that the financial sector's growing need for technology and transformation skills could benefit female representation. The organization found that women comprise just over half of current board members with relevant digital backgrounds.

"An investment in this skillset is therefore likely to also result in better executive gender-balance," said Tara Cemlyn-Jones, founder and CEO of 25X25.

The findings highlight the complex relationship between representation and compensation equity, demonstrating that achieving numerical parity on boards does not automatically translate to equal pay across the financial services industry.