Nature of change: Appointment of Shri Sandeep Kumar (DIN: 11239285) as Additional Director in the capacity of Managing Director & Chief Executive Officer and Key Managerial Personnel of the Company.
Effective date and tenure: Appointment effective from August 29, 2026, for a term not exceeding five years (until he remains deputed in the Company as a nominee director of LIC of India, subject to maximum period up to 5 years). The appointment is not liable to retire by rotation and subject to shareholder approval to be obtained within three months.
Profile and qualifications: Shri Sandeep Kumar commenced his career with Life Insurance Corporation of India in 1991 as a Direct Recruit Officer of the 18th (A) Batch. He holds a Master's degree in Mathematics from the University of Delhi. With over three decades of experience, he has held key positions including Branch Manager in Bikaner Division, Senior Branch Manager and Chief Manager in Delhi Division-II and Vadodara Division, Marketing Manager at Nadiad and Ahmedabad Divisions, Senior Divisional Manager In-charge at Nadiad Division and Delhi-III Division, Secretary (Marketing) Northern Zone, and Chief Personnel at Central Office of LIC of India. Most recently, upon elevation to Zonal Manager Selection Cadre in 2025, he was appointed as Director & CEO of LIC HFL Financial Services Limited, Mumbai.
Regulatory compliance: Shri Sandeep Kumar provided requisite disclosures confirming satisfaction of NHB's Fit & Proper Criteria for director appointment. He also confirmed not being debarred from holding office of director by virtue of any SEBI order or other authority per BSE Circular LIST/COMP/14/2018-19 dated June 20, 2018.
Relationship with other directors: No relationships disclosed between directors. However, Shri Doraiswamy Ramachandran and Shri Ratnakar Patnaik are Directors and nominees of LIC of India and also serve on the Board of Directors of LIC of India. All three (Ramachandran, Patnaik, and Kumar) are employees of LIC of India.
Regulatory and Compliance Information
The appointment was approved by the Board of Directors in its meeting dated August 28, 2026, based on recommendations of the Nomination & Remuneration Committee.
Appointment made pursuant to Sections 152, 161, 196, 197, 203 and other applicable provisions of Companies Act, 2013, Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Schedule V to Companies Act, 2013, and Articles 138, 161 and 194(c) of Articles of Association of the Company.
Subject to confirmation by shareholders in terms of Regulation 17(1C) of SEBI (LODR), 2015 at the next general meeting or within three months from date of appointment, whichever is earlier.
Disclosure made under Regulation 30 of SEBI (LODR) and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November 2024 (updated as on 31st December 2024).
