Nuvama Wealth Management Limited has informed stock exchanges about regulatory orders received regarding GST matters from tax authorities in Delhi and Mumbai. The disclosures were made under Regulation 30 of SEBI Listing Regulations.

Delhi GST Demand Order

Nuvama Wealth and Investment Limited (NWIL), a wholly owned material subsidiary of the company, received a demand order from the Assistant Commissioner of State Tax, Delhi. The order was issued under Section 73 of the DGST Act, 2017.

The demand order covers the period from April 2021 to March 2022 and addresses several GST compliance issues including excess Input Tax Credit (ITC) claimed in GSTR-3B compared to that available in GSTR-2A, mismatch between GSTR-1 and GSTR-9 returns, and other ITC-related compliance issues. NWIL plans to file the necessary appeal with the Appellate Authority to contest the demand.

Mumbai GST Case Resolution

Separately, the company received an order from the Deputy Commissioner of State Tax, Mumbai under Section 73 of MGST Act, 2017. This case has been resolved through payment of dues.

The Mumbai case also related to the period April 2021 to March 2022 for excess claim of ITC in GSTR-3B vis-à-vis ITC available in GSTR-2A and interest for delay in payment of tax under reverse charge mechanism. Following the payment, the proceedings have been dropped with no further action required.

Company Impact Statement

Nuvama Wealth Management has clarified that no impact is expected on the financials, operations, or other activities of the company or its subsidiaries and associates pursuant to these orders. The company has requested the stock exchanges to take both disclosures on record as part of its regulatory obligations under the SEBI Listing Regulations.

Nuvama Wealth Management Limited has successfully completed its 1:5 stock split, with the sub-divided shares now credited to depositories under a new ISIN code. The company informed stock exchanges on December 30, 2025, that the corporate action has been fully implemented following shareholder approval through postal ballot.

Stock Split Implementation Details

The stock split has been executed with confirmation from both major depositories in India:

Voting Process and Approval Timeline

The stock split received shareholder approval through a comprehensive e-voting process:

Corporate Structure Changes

The completed stock split has resulted in significant changes to the company's share structure:

Depository Confirmation Process

Both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) have issued confirmation letters regarding the successful processing of the stock split. The sub-divided shares have been credited under the new ISIN code INE531F01023, replacing the previous ISIN.

Strategic Benefits Realized

The Board of Directors' objectives for the stock split included:

• Enhanced liquidity of company shares in the market
• Increased accessibility for retail investors
• Broader shareholder base through more affordable share prices
• Maintained shareholder rights and proportional ownership

Impact on Existing Shareholders

Shareholders will see their holdings multiplied by five while maintaining the same total investment value. The stock split does not affect existing rights and obligations, with all shareholders receiving proportional increases in their share count. Employee stock option plans have also been adjusted to ensure fair treatment of option holders following the corporate action.