Protean eGov Technologies has announced a planned leadership transition that will take effect in 2026. The company has confirmed that Suresh Sethi will step down from his current position as Managing Director and Chief Executive Officer on March 31, 2026.

Leadership Transition Details

The transition has been structured to ensure operational continuity for the technology services company. V Easwaran has been designated to take over as interim Chief Executive Officer, with his appointment becoming effective from April 1, 2026.

Succession Planning

The announcement reflects the company's forward-looking approach to succession planning, with the transition scheduled well in advance. The appointment of V Easwaran as interim CEO suggests that the company is taking a measured approach to the leadership change, allowing time for a comprehensive transition process.

The timing of the transition, coinciding with the end of the financial year, indicates strategic planning by the company's board to align the leadership change with the company's operational calendar. This structured approach is designed to minimize any potential disruption to business operations during the changeover period.

National Securities Depository Limited announced that its Board of Directors has approved the dilution of its shareholding in NSDL Payments Bank Limited (NPBL) by 4.95% to Protean eGov Technologies Limited. This strategic transaction involves the issuance of 93.74 lakh equity shares worth ₹30.20 crores through private placement.

Transaction Structure and Financial Details

NSDL Payments Bank Limited has executed Share Subscription Agreement and Shareholders Agreement with Protean eGov Technologies Limited for the transaction. The deal involves specific pricing and shareholding changes that will alter NSDL's ownership structure.

Shareholding Impact and Ownership Changes

The transaction will result in significant changes to NSDL's ownership structure in its payments banking subsidiary. While NSDL's absolute number of shares in NPBL remains unchanged, the percentage holding will be diluted due to the new share issuance.

Regulatory Compliance and Documentation

The disclosure was made pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transaction remains subject to statutory and regulatory requirements for completion.

Strategic Implications for NSDL

Consequent to this transaction, NSDL Payments Bank will cease to be a wholly-owned subsidiary of National Securities Depository Limited, however it will continue to be a subsidiary of the company. This marks NSDL's first external partnership in its payments banking venture since NPBL commenced operations in October 2018.

The partnership with Protean eGov Technologies, a company with expertise in building regulated digital systems, aligns with the broader digital transformation of India's financial ecosystem. This collaboration is expected to leverage both companies' strengths in developing population-scale digital infrastructure and future-ready banking technologies.