Religare Enterprises Limited has announced the appointment of Suresh Mahalingam as Non-Executive Chairperson, effective January 01, 2026, continuing the company's rotational leadership structure established earlier in 2025.

Rotational Chairperson System

The company implemented a rotational chairperson system in February 2025, where board members serve as chairperson on a quarterly basis. This system was established when the Board of Directors appointed Praveen Kumar Tripathi as the initial Non-Executive Chairperson and decided that board members would rotate through this position each calendar quarter.

Chairperson Appointments Timeline

The following table outlines the chairperson appointments under the rotational system:

Current Appointment Details

Suresh Mahalingam, who serves as a Non-Executive and Non-Independent Director of the company, has been appointed as Non-Executive Chairperson with effect from January 01, 2026, until March 31, 2026. His appointment follows the completion of Gurumurthy Ramanathan's tenure on December 31, 2025.

Regulatory Compliance

The appointment has been disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed both the National Stock Exchange of India Limited and BSE Limited about this leadership change as part of its regulatory compliance obligations.

The rotational chairperson system demonstrates the company's commitment to shared leadership among its board members, with each appointee bringing their unique expertise to guide the organization during their respective tenures.

Religare Enterprises has informed stock exchanges that its material subsidiary, Care Health Insurance Limited (CHIL), has received a penalty of ₹1.00 crore from the Insurance Regulatory and Development Authority of India (IRDAI). The penalty was imposed for violations identified during an inspection conducted by the regulatory authority.

Penalty Details and Timeline

The IRDAI issued the penalty order on December 15, 2025, which was received by Care Health Insurance Limited on the same date. The violations were discovered during an inspection carried out for the period from August 30, 2021 to September 09, 2021. The penalty was imposed after considering submissions made by CHIL regarding the observed violations.

Nature of Violations

The regulatory action encompasses multiple compliance violations across various IRDAI regulations and guidelines. The violations include breaches of:

• Protection of Policyholders Interests Regulations, 2017
• Corporate Governance Guidelines
• Third Party Administrators-Health Services Regulations, 2016
• Health Insurance Regulations, 2016
• Financial statements and solvency margin regulations

The violations resulted in different types of regulatory actions, with some attracting warnings and advisories, while others led to the monetary penalty.

Financial Impact

The penalty amount of ₹1.00 crore is payable by Care Health Insurance Limited. As CHIL is a material subsidiary of Religare Enterprises, its financials are consolidated with the parent company. This means the penalty will have a direct impact on the consolidated financial statements of Religare Enterprises.

Regulatory Compliance

Religare Enterprises has disclosed this information in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed annexures outlining the specific nature of violations and regulatory actions taken by IRDAI.

The disclosure demonstrates the company's commitment to maintaining transparency with stakeholders regarding material developments affecting its subsidiaries. Care Health Insurance Limited, being a material subsidiary, requires such regulatory communications to be promptly disclosed to the stock exchanges.