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.

Max Financial Services subsidiary Axis Max Life Insurance Limited has successfully raised INR 800.125 crore through the allotment of debentures, marking a significant move in its capital-raising initiatives.

Debenture Allotment Details

The company allotted 80,000 debentures with a face value of INR 1,00,000 each to identified investors through a private placement. The total amount raised includes a premium of INR 12.5 lakh over the issue size of INR 800 crore face value.

Key Features of the Debentures

• Coupon Rate: 7.95% per annum
• Tenure: 10 years, maturing on September 24, 2035
• Type: Unsecured, subordinated, listed, rated, redeemable, and non-cumulative
• Listing: To be listed on the National Stock Exchange of India Limited upon final approval

Capital Raising Initiative

This allotment is part of Axis Max Life's broader capital raising strategy. It follows a previous allotment of 50,000 debentures worth INR 500 crore in February, completing the company's approved initiative to raise INR 1,300 crore.

Bidding Process and Allotment

The bidding for the issue was conducted under a 'multiple yield allotment basis' through the electronic bidding platform of NSE. The Executive Committee appointed by the Board of Directors of Axis Max Life passed the resolution for the allotment on September 24, 2025.

Regulatory Compliance

The debenture issuance complies with various regulatory requirements, including:

• SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021
• IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024

Call Option

The debentures are subject to call options, allowing the company to redeem them at the end of 5 years and every year thereafter.

Impact and Outlook

This successful debenture allotment strengthens Axis Max Life Insurance's capital position, potentially supporting its growth and operational strategies in the competitive insurance sector. The strong investor interest, as evidenced by the premium raised, suggests confidence in the company's financial health and future prospects.