MOMotilal Oswal Financial Services532892Leadership appointment or

Board approves leadership appointments; notes resignations of two business heads

Board approved: Vishal Tulsyan as Whole-time Director (Additional) for five (5) years; Padmanabh Sinha MD & CEO Alternates (Nov 11, 2026); Suresh Shukla CEO Wealth Mgmt and Anupam Guha & Akash Hariani MD & CEOs Private Wealth (Nov 04.

By ScoutQuest · Tue 3 Nov 2026, 5:06 PM IST · 4 min read

Whole-time Director Appointment

Vishal Tulsyan as Whole-time Director (Additional) for five (5) years

CEO Appointments Effective Dates

Padmanabh Sinha MD & CEO Alternates (Nov 11, 2026); Suresh Shukla CEO Wealth Mgmt (Nov 04, 2026)

Resignations

Ajay Menon and Ashish Shankar resigned, effective on or before January 31, 2027

Six leadership changes were announced after the board meeting held on November 03, 2026.

What the board decided

• The Board has approved the appointment of Vishal Tulsyan as an Additional Director in the capacity of Whole-time Director, with effect from a date on or before January 31, 2027, for a term of five (5) years, subject to the approval of shareholders. He will continue to serve as Executive Chairman of the Alternates business.
• The Board has noted the appointment of Padmanabh Sinha as Managing Director & Chief Executive Officer of the Alternates business with effect from November 11, 2026. He will be designated Senior Management Personnel.
• The Board has appointed Suresh Shukla as Chief Executive Officer of the Wealth Management business with effect from November 04, 2026.
• The Board has noted the appointment of Anupam Guha and Akash Hariani as MD & CEOs of the Private Wealth business with effect from November 04, 2026; both will be designated Senior Management Personnel.
• The Board has noted the designation of Mr. Pratik Oswal, Co-Promoter and Director, as Chairman of the Private Wealth business.

Exits

• The Board has noted the resignation of Ajay Menon as Whole-time Director and CEO of the Wealth Management business, with effect from a date on or before January 31, 2027.
• The Board has noted the resignation of Ashish Shankar as MD & CEO of the Private Wealth business and Senior Management Personnel, with effect from a date on or before January 31, 2027.
• In his resignation letter, Ashish Shankar said he wishes to explore an entrepreneurial venture outside the organisation. The press release says both leaders will move on from their respective roles to jointly pursue their start-up journey outside the group.

Who the incoming leaders are

• Padmanabh Sinha has nearly 30 years of investing and leadership experience across India and global markets. He is a former ED & CIO at National Investment and Infrastructure Fund (NIIF), described as India's sovereign-linked alternative asset manager with $ 5 billion AUM. He earlier worked with Tata Capital and was MD - India at Temasek, where he was responsible for ~USD 1 Bn of investments.
• Suresh Shukla has nearly 30 years of professional expertise across retail broking, digital transformation, sales and distribution, and was earlier ED & CBO of the Wealth Management business. His earlier stints include 25 year at Kotak Securities, where he led a workforce of over 16,000 professionals.
• Anupam Guha and Akash Hariani are described as industry veterans who have been part of the MOFS leadership team and were instrumental in scaling up the Private Wealth franchise.
• Vishal Tulsyan is the founder of the MO Alternates platform; the release says he was elevated from MD & CEO to Executive Chairman in 2024.

How the transition is timed

• The new CEOs at Wealth Management and Private Wealth take charge on November 04, 2026, and the new MD & CEO of Alternates on November 11, 2026, while the two outgoing business heads continue until a date on or before January 31, 2027. This creates an overlap period in which the handover is to happen.
• The Whole-time Director appointment and the two resignations are all effective from a date on or before January 31, 2027, so the exact dates fall within that window.
• The release says the group has a leadership pipeline of 150 identified high-potential leaders at MOFS Group, and that succession planning is driving the new appointments and elevations.

What investors may watch

• Two business heads are leaving and their successors have been named, so continuity of the Wealth Management and Private Wealth businesses under the new leaders is the operating question.
• The Alternates platform gets a full-time MD & CEO, while the founder moves to the board as a Whole-time Director and continues as Executive Chairman of that business.
• The Whole-time Director appointment requires shareholder approval and regulatory approvals as may be required.

The release describes the changes as leadership strengthening and transitions, with the management expressing confidence that the changes are a milestone in the group's journey.

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