Board approves new MD, CFO and directors; accepts resignations after RBI approval for change in management

Board of RGF Capital Markets met on October 05, 2026 and approved a change of management.

Mon 5 Oct 2026

New Managing Director

Mr. Nishad Jitendra Shah appointed MD from October 05, 2026 till September 01, 2031

MD Shareholding

44,27,548 shares

Additional Non-Executive Director Shareholding

32,56,753 shares (Mrs. Rajshree Nishad Shah)

Independent Director Term

Mr. Amar Chokshi appointed Additional Independent Director for 5 years

RBI Approval Date

September 24, 2026

Change of management at the top

The Board of RGF Capital Markets Limited met on Monday, October 05, 2026 from 10:00 am to 10:45 am and approved a set of appointments and resignations that together amount to a change of management. The appointments are being proposed and approved pursuant to the receipt of approval from the Reserve Bank of India dated September 24, 2026, in relation to the proposed change in shareholding and management of the Company.

Who is coming in

• Mr. Nishad Jitendra Shah (DIN: 00357197) is appointed Additional Director and Managing Director under the Chairman and promoter category with effect from October 05, 2026 till September 01, 2031, subject to approval of the shareholders. He holds 44,27,548 equity shares in the Company and is the spouse of Mrs. Rajshree Nishad Shah.
• Mrs. Rajshree Nishad Shah (DIN: 01267034) is appointed Additional Director in the Non-Executive, Non-Independent category under the promoter category with effect from October 05, 2026 till September 01, 2031. She holds 32,56,753 equity shares and is the spouse of Mr. Nishad Jitendra Shah.
• Mr. Amar Chokshi (DIN: 11702952) is appointed Additional Director in the Non-Executive - Independent category for a term of 5 years with effect from October 05, 2026, subject to approval of the shareholders. His shareholding is NIL and he is not related to any of the directors on the Board.
• Mr. Shivam Jayeshkumar Prajapati (membership no. A81760) is appointed Whole Time Company Secretary and Compliance Officer with effect from October 05, 2026.
• Mr. Mit Gandhi is appointed Chief Financial Officer with effect from October 05, 2026, on the recommendations of the Nomination & Remuneration Committee and the Audit Committee at their meetings held on October 05, 2026.

Who is stepping down

• Mr. Sagar Mal Nahata (DIN: 00307611) resigned from the office of Managing Director and Director, and also from the office of Chief Financial Officer, effective close of business hours of October 05, 2026, due to change of management.
• Mr. Sujit Kumar Panda (DIN: 06873319) resigned from the office of Director effective close of business hours of October 05, 2026, due to change of management.
• Mrs. Basanti Roy (DIN: 10530177) resigned from the office of Independent Director effective close of business hours of October 05, 2026, due to personal reasons.
• They also cease to be members of the Audit Committee, the Nomination and Remuneration Committee and the Stakeholders Relationship Committee of the Company.
• Each resigning director has confirmed that there are no other material reasons other than those mentioned in the resignation letter.

Committee reconstitution

The Board considered and approved the reconstitution of the Audit Committee and the Nomination & Remuneration Committee.

• Audit Committee: Mr. Amar Chokshi (Chairperson, Non-Executive Independent Director), Mr. Ajay Pratap Singh (Member, Non-Executive Independent Director) and Mrs. Rajshree Nishad Shah (Member, Non-Executive Director).
• Nomination & Remuneration Committee: Mr. Amar Chokshi (Chairperson), Mr. Ajay Pratap Singh (Member) and Mrs. Rajshree Nishad Shah (Member).

Background of the appointees

• Mr. Nishad Jitendra Shah is a commerce graduate from Gujarat University with a Post Graduate Diploma in Business Administration (Banking and Management) from the United Kingdom, and over 23 years of experience in banking, financial services and corporate management.
• Mrs. Rajshree Nishad Shah is a Bachelor of Commerce graduate from Gujarat University with over 10 years of professional experience, including experience with Barclays Bank PLC, and has been Manager of Trupti Management Services Private Limited since 2016.
• Mr. Amar Chokshi is a Chartered Accountant with over 15 years of experience in finance, business operations, business structuring, strategic planning and regulatory compliance.
• Mr. Mit Gandhi is a Chartered Accountant with over 15 years of experience in accounting, digital transformation, credit underwriting, risk management, compliance and housing finance, and was formerly Assistant Vice President at HDFC Bank Limited (erstwhile HDFC Limited).

Points a shareholder can track

• The Managing Director appointment and the Independent Director appointment are both stated to be subject to approval of the shareholders.
• The two promoter-category appointees come in with existing shareholdings of 44,27,548 shares and 32,56,753 shares respectively.
• The resignations of Mr. Sagar Mal Nahata and Mr. Sujit Kumar Panda are attributed in the update to the change of management, while Mrs. Basanti Roy's resignation is attributed to personal reasons.

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