Scrip Symbol / Code: NIVABUPA / 544286

Date: June 03, 2026

Change in Director / Key Managerial Personnel

  • Resignation of Mr. Milind Gajanan Barve (DIN: 00087839): Mr. Barve tendered his resignation as Non-Executive, Independent Director effective from close of business hours on June 02, 2026 due to persistent health issues. Consequently, he ceased to be Chairman of the Board and Member of the Nomination & Remuneration Committee and Investment Committee from the same date.
  • Previous KMP: Mr. Barve confirmed no material reasons for resignation beyond health issues. He held directorships in Marico Limited as Independent Director and served as: Audit Committee Chairman, Corporate Social Responsibility Committee Member, Risk Management Committee Chairman, Stakeholders Relationship Committee Chairman, and Lead Independent Director Chairman.
  • Appointment of Mr. Ashwani Bhatia (DIN: 07423221): Appointed as Additional Director in capacity of Non-Executive, Independent Director for five consecutive years effective June 03, 2026, subject to shareholder approval. Simultaneously appointed as Chairperson of the Board effective June 03, 2026, subject to IRDAI approval.
  • Profile of New Director: Mr. Bhatia is a financial markets and banking professional with over 40 years experience. Served as Whole-Time Member at SEBI from June 2022 to May 2025, overseeing Department of Debt and Hybrid Securities, Corporate Finance Investigation, Corporate Finance, General Services, and National Institute of Securities Markets. Previously associated with State Bank Group for 37 years, including as Managing Director (Corporate Banking & Global Markets) at SBI and Managing Director & CEO at SBI Funds Management Limited. Qualifications: Bachelor of Science (Physics & Mathematics) from Dayalbagh University, Agra and MBA from Podar Institute of Management, Jaipur.
  • Eligibility and Relationships: Company affirms Mr. Bhatia is not debarred from holding director office by SEBI or any authority. He is not related to any other directors of the Company.

Any Other Material Information

  • Disclosure made pursuant to Regulation 30 read with Part A of Schedule III of SEBI Listing Regulations.
  • Reference made to SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 for compliance details.
  • Company Secretary and Compliance Officer: Aparna Sharma