Mr. Sandeep Tandon (DIN: 00054553) resigned as Chairperson and Non-Executive Independent Director effective close of business hours on July 31, 2026.
He cited personal and professional commitments as reasons for resignation and confirmed no other material reasons exist beyond those stated.
Mr. Tandon held directorships in Syrma SGS Technology Limited (Independent Director, Member of Corporate Social Responsibility Committee) and 360 One Wam Limited (Independent Director, Chairperson of IT Strategy Committee, Stakeholder Relationship Committee, and Nomination and Remuneration Committee).
Appointment of New Chairperson and Independent Director
Mr. Vellur Gopalaraghavan Kannan (DIN: 03443982) appointed as Additional Director in the category of Non-Executive Independent Director effective August 01, 2026.
Term as Independent Director: Five consecutive years from August 01, 2026 to July 31, 2031, not liable to retire by rotation.
Term as Chairperson: One year effective from August 01, 2026, subject to shareholder approval.
Mr. Kannan is not related to any other director of the Company and is not debarred from holding director office by SEBI or any other authority.
Professional Profile of New Chairperson
Seasoned banking professional with over 40 years of leadership experience in BFSI sector.
Joined State Bank of India (SBI) as Probationary Officer in 1978 and progressed to Managing Director overseeing SBI's domestic subsidiaries and associate banks until July 2016.
Previously served as Managing Director & CEO of SBI Capital Markets Ltd., India's leading investment banking subsidiary.
Expertise includes Credit & Risk Management, Treasury, Capital Markets, Investment Management, Agriculture & Rural Finance, MSME Banking, Insurance, Asset Management, Credit Cards, and Fund Management.
Key leadership positions at SBI: Chief General Manager – Mid Corporate Group (managing funded assets exceeding ₹1.80 trillion), Head of Forex & Money Markets at SBI Central Treasury and SBI Hong Kong, Network General Manager Chennai, Assistant General Manager (Fixed Income Markets) at SBI Corporate Treasury Mumbai.
Spearheaded successful merger of SBI's five Associate Banks with SBI, completing one of India's largest banking integration exercises within a year.
Post-retirement roles: Chief Executive of Indian Banks' Association (IBA) from December 2016 to December 2019, advisor to international investment fund specializing in stressed asset investments from November 2019 to March 2023.
Committee roles: Chair of RBI-appointed Committee on ATM Interchange Fees (2019), Member of RBI Committee on Creation of Secondary Market for Corporate Loans (2018), Permanent External Expert Member of Regulatory Oversight Committee of NSE from 2018 to 2024.
Committee Reconstitution
Stakeholders Relationship Committee (effective August 01, 2026)
Mr. Vellur Gopalaraghavan Kannan - Chairperson (Independent Director)
Mr. Nikhil Omprakash Gahrotra - Member (Non-Executive Nominee Director)
Mrs. Neha Sureka - Member (Non-Executive Nominee Director)
IT Strategy Committee (effective August 01, 2026)
Mr. Vellur Gopalaraghavan Kannan - Chairperson (Independent Director)
Mr. Nikhil Omprakash Gahrotra - Member (Non-Executive Nominee Director)
Mrs. Neha Sureka - Member (Non-Executive Nominee Director)
Nomination and Remuneration Committee (effective August 01, 2026)
Mrs. Soumya Rajan - Chairperson (Independent Director)
Mr. Vellur Gopalaraghavan Kannan - Member (Independent Director)
Mr. Siddharth Tapaswin Patel - Member (Non-Executive Nominee Director)
Audit Committee (effective August 01, 2026)
Mr. Vivek Anant Karve - Chairperson (Independent Director)
Mr. Vellur Gopalaraghavan Kannan - Member (Independent Director)
Mrs. Soumya Rajan - Member (Independent Director)
Mr. Nikhil Omprakash Gahrotra - Member (Non-Executive Nominee Director)
