Morarka Finance Limited, a non-banking financial company (NBFC), has announced a significant regulatory update. The company has successfully obtained a fresh Certificate of Registration (CoR) from the Reserve Bank of India (RBI), marking its transition from an NBFC Type-II to an NBFC Type-I entity.

Key Developments

• Regulatory Approval: Morarka Finance received approval from the RBI on August 21 for the conversion of its registration status.
• Certificate Issuance: The revised CoR, dated September 22, was issued by the RBI, reflecting the change in the company's classification.
• Collection of Certificate: The company collected the fresh CoR on September 23, as per RBI instructions.

Implications and Impact

Morarka Finance has assured stakeholders that this regulatory reclassification does not have any material impact on its day-to-day operations or financial position. The company remains committed to maintaining compliance with all applicable rules and regulations.

Regulatory Compliance

In adherence to regulatory requirements, Morarka Finance has duly informed the BSE Limited about this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Company Details

Morarka Finance Limited is listed on the BSE. The company's registered office is located at 511, Maker Chambers V, 221, Nariman Point, Mumbai – 400 021.

This regulatory update underscores Morarka Finance's commitment to transparency and compliance in its operations as an NBFC in the Indian financial sector.

Morarka Finance Limited , a financial services company, has announced the appointment of three new Independent Directors to its board, marking a significant move to enhance its corporate governance and strategic leadership.

Board Expansion and Appointments

At its Annual General Meeting held on September 23, 2024, Morarka Finance approved the appointment of three distinguished professionals as Independent Directors:

1. Shri Prithviraj Natrajan Kokkarne
2. Ms. Nina Chatrath
3. Ms. Divya Rao

All three directors have been appointed for a five-year term, commencing from July 17, 2024, and concluding on July 16, 2029. The company has confirmed that none of the newly appointed directors are liable to retire by rotation, ensuring continuity in their roles.

Compliance and Eligibility

Morarka Finance has stated that all three directors have been vetted for their eligibility to serve on the board. The company has confirmed that none of the appointees have been debarred from holding directorship positions by the Securities and Exchange Board of India (SEBI) or any other regulatory authority, underlining their credibility and fitness for the roles.

Profiles of the New Directors

Shri Prithviraj Natrajan Kokkarne

• Brings over 39 years of extensive banking experience to the board
• Previously served as the Chairman & Managing Director of Oriental Bank of Commerce
• Expected to contribute significantly to the company's financial strategy and risk management

Ms. Nina Chatrath

• Founder of Enhance Consulting
• Boasts extensive leadership consulting experience
• Previously associated with renowned firms such as Korn/Ferry International and Heidrick & Struggles
• Likely to provide valuable insights into organizational leadership and talent management

Ms. Divya Rao

• Specializes in marketing and brand management
• Brings rich experience from leading advertising agencies
• Has worked with Mullen Lowe Lintas and Ogilvy
• Expected to strengthen the company's marketing strategies and brand positioning

Implications for Morarka Finance

The appointment of these three Independent Directors with diverse expertise in banking, leadership consulting, and marketing signifies Morarka Finance's commitment to strengthening its board composition. This move is likely aimed at enhancing the company's strategic decision-making capabilities and corporate governance practices.

The inclusion of professionals with varied backgrounds suggests that Morarka Finance is positioning itself for potential growth and diversification in its financial services offerings. The new directors' collective experience spans crucial areas such as banking operations, talent management, and brand development, which could prove instrumental in shaping the company's future direction.

As Morarka Finance welcomes these new board members, stakeholders will be keen to observe how their expertise translates into tangible benefits for the company's operations and market position in the coming years.