UTI AMC has announced the appointment of Mr. Kapil Udaiwal as President & Head - Human Resources, effective January 1, 2026. The company disclosed this senior management change under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

The appointment was formalized through a regulatory filing dated January 2, 2026, addressed to both the National Stock Exchange of India Limited and BSE Limited. The company's communication outlined the key aspects of this leadership change in its human resources function.

Professional Background

Mr. Udaiwal brings extensive experience spanning over 23 years across ITES, IT, and BFSI sectors. His career trajectory includes significant roles at prominent organizations, demonstrating his expertise in human resource management and organizational development.

His professional journey includes:

• Early Career: Experience with Aptech Limited and Infosys
• Recent Role: Chief Human Resource Officer at Ageas Federal Life Insurance Company for over 13 years
• Key Achievement: Successfully led Ageas Federal's transformation to become a "Great Place to Grow"
• Scale of Management: Oversaw a workforce of 2,200+ employees across 77+ locations
• International Exposure: Managed HR integration from Ageas Global Office (Belgium) to India

Educational Qualifications

Mr. Udaiwal's academic credentials reflect a strong foundation in both technical and management disciplines. His educational background encompasses multiple specializations relevant to his new role.

Regulatory Compliance

The appointment follows proper regulatory protocols, with UTI Asset Management Company Limited ensuring full compliance with SEBI guidelines. The company has made the information available on its official website at www.utimf.com/amc-shareholders , maintaining transparency with stakeholders.

The filing was signed by Arvind Patkar, Company Secretary and Compliance Officer (Membership No.: ACS 21577), ensuring proper authorization and documentation of this significant organizational change.

After one of the weakest years for Indian equities relative to global peers, 2025 left investors facing earnings downgrades, foreign institutional investor (FII) selling, and patchy demand. However, UTI AMC 's Executive Vice President & Fund Manager V. Srivatsa believes 2026 could mark a significant turnaround, with improving macroeconomic conditions setting the stage for a more constructive market environment.

Market Performance Analysis for 2025

The year 2025 proved challenging for Indian equity investors, with the Nifty delivering modest returns despite maintaining its streak of positive performance.

Srivatsa noted that this performance was driven by consistent earnings cuts throughout the year, combined with macro weakness in terms of demand and liquidity during the early part of the calendar year. The earnings downgrades, coupled with valuation triggers in other emerging markets, led to sustained FII selling pressure that further weighed on market sentiment.

Government Stimulus Measures and Recovery Outlook

Despite the challenging environment, the government implemented several measures to stimulate economic activity and improve market conditions:

• Income tax cuts to boost consumer spending
• GST rate reductions across various sectors
• Enhanced liquidity in the banking system to support credit growth

These policy interventions, implemented in the latter part of 2025, are expected to generate tangible benefits from the first quarter of 2026. Srivatsa expressed optimism about decent earnings growth for the next fiscal year, with the combination of improved macroeconomic fundamentals and earnings recovery boding well for Indian equity markets.

Segment-wise Market Dynamics

The fund manager addressed concerns about mid-cap and small-cap performance, acknowledging the pain experienced by investors in these segments. While earnings outlook for both categories appears to be on an improving trajectory, valuation considerations remain important.

Srivatsa expects large caps to spearhead the market recovery, given their relatively attractive valuations compared to mid and small-cap indices.

Sectoral Investment Strategy

Based on a relative value approach with emphasis on starting valuations, Srivatsa identified several sectors positioned favorably for the next 12 months:

• Information Technology: Well-priced for growth expectations
• Oil and Gas: Attractive valuation metrics
• Healthcare: Strong fundamentals and reasonable pricing
• Infrastructure: Benefiting from government focus
• Telecom: Positioned for sector recovery

These sectors are considered to offer compelling risk-reward profiles given their current valuations relative to growth prospects.

Key Risk Factors for 2026

While optimistic about the overall market trajectory, Srivatsa highlighted US trade tariffs as the primary risk factor for 2026. If no resolution emerges within the next six months, potential impacts include:

• Pressure on India's current account deficit
• Significant impact on export-oriented sectors
• Particular vulnerability for textiles, gems, and engineering sectors with high US export exposure

Despite the challenges faced in 2025, the achievement of Nifty's 10th consecutive year of positive returns demonstrates the resilience of Indian equity markets and provides confidence to retail investors, particularly first-time equity participants.