This is a regulatory disclosure filed with BSE Limited and the National Stock Exchange of India Limited. The company is informing the exchanges about the final outcome of a SEBI proceeding.
The disclosure refers to earlier communications made on October 26, 2024, and October 29, 2024, concerning a show cause notice (SCN) received via email on October 25, 2024. The SCN was issued to the company, its subsidiary Axis Max Life Insurance Limited (formerly known as Max Life Insurance Company Limited), and a few erstwhile and current directors and key managerial personnel.
SEBI issued a Final Order on August 24, 2026, at approximately 20:32 hrs IST. The order was downloaded from SEBI's website. The proceedings initiated against Noticee no. 1 to 12 have been disposed of. No directions were issued, and no penalty was imposed against these 12 noticees.
In addition to these 12, there are 13 other noticees who are present or former Non-Executive or Independent Directors of the company. These individuals had filed settlement application(s), which are currently under process with SEBI. A final order with respect to these 13 noticees is still awaited.
The company has requested the exchanges to take note of this information.
The letter is signed by Siddhi Suneja, Company Secretary & Compliance Officer of Max Financial Services Limited, and is digitally dated August 25, 2026, at 12:01:20 IST.