Date: September 30, 2026

Reclassification Request Details

Star Health and Allied Insurance Company Limited has received a formal request from Sthitaprajna Advisors LLP, a Promoter Group entity, seeking reclassification from 'Promoter Group' category to 'Public' category under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The request was received via email on September 30, 2026, and the company has attached the complete request letter as Annexure 1 to this regulatory filing.

Basis for Reclassification Request

Sthitaprajna Advisors LLP was originally classified as part of the Promoter Group under Regulation 2(1)(pp)(iv) of the SEBI ICDR Regulations, 2018, because Mr. Utpal Sheth was classified as a Promoter of the company. This classification occurred due to transmission of shares held by Late Mr. Rakesh Jhunjhunwala as per probate and directions of IRDAI.

The key change triggering the reclassification request is that Mr. Utpal Sheth ceased to be a Designated Partner and Partner of Sthitaprajna Advisors LLP effective August 13, 2026. Consequently, neither Mr. Utpal Sheth nor his immediate relatives hold any contribution in the LLP.

Regulatory Certifications

Sthitaprajna Advisors LLP has certified pursuant to Regulation 31A(3)(b) of SEBI LODR Regulations that:

  • They do not hold more than 10% of the total voting rights in the company
  • They do not exercise control over the affairs of the company, directly or indirectly
  • They do not have any special rights through formal or informal arrangements including shareholder agreements
  • They do not have any representation on the board of directors (including nominee directors)
  • They do not have any Key Managerial Personnel in the company
  • They are not wilful defaulters as per RBI guidelines
  • They are not fugitive economic offenders

Next Steps

The company will take all necessary steps to process the reclassification request, including obtaining approvals from:

  • Board of Directors of Star Health and Allied Insurance Company Limited
  • BSE Limited
  • National Stock Exchange of India Limited
  • Members of the company (shareholders)

LLP Information

Sthitaprajna Advisors LLP

LLPIN: ACP-8008

Contact: +91 22 40845000, Email: cs@trustgroup.in

Designated Partner: Autam Ghanshyam Rathi (DRIN: 11191885)