Board approves new MD, CFO, Company Secretary and independent director after RBI nod for change in management

RGF Capital Markets approved a top-management overhaul at its October 5, 2026 board meeting, after Reserve Bank of India approval dated September 24, 2026 for change in shareholding and management.

Mon 5 Oct 2026

New Managing Director

Mr. Nishad Jitendra Shah, October 5, 2026 to September 1, 2031

MD Shareholding

44,27,548 equity shares

Promoter Director Shareholding

Mrs. Rajshree Nishad Shah holds 32,56,753 equity shares

New CFO

Mr. Mit Gandhi w.e.f. October 5, 2026

New Company Secretary

Mr. Shivam Jayeshkumar Prajapati w.e.f. October 5, 2026

Change of guard at the top

The board of RGF Capital Markets met on October 5, 2026 from 10:00 am to 10:45 am and approved a new top management, after receipt of Reserve Bank of India approval 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 5, 2026 till September 1, 2031, subject to approval of the shareholders. He holds 44,27,548 equity shares. The update notes over 23 years of experience in banking, financial services and corporate management, including work with Citigroup, Barclays Bank PLC, State Bank of India (UK) and Axis Bank Limited.
• Mrs. Rajshree Nishad Shah (DIN: 01267034) is appointed Additional Non-Executive Director under the promoter category with effect from October 5, 2026 till September 1, 2031. She holds 32,56,753 equity shares. She is the spouse of Mr. Nishad Jitendra Shah. The update notes over 10 years of professional experience.
• 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 5, 2026, subject to approval of the shareholders. He holds NIL shares in the company and is a Chartered Accountant with over 15 years of experience.
• Mr. Shivam Jayeshkumar Prajapati (membership no. A81760) is appointed Company Secretary and Compliance Officer with effect from October 5, 2026. He holds NIL shares.
• Mr. Mit Gandhi is appointed Chief Financial Officer with effect from October 5, 2026. He holds NIL shares. The update notes over 15 years of experience in banking and financial services.

Who is leaving

• Mr. Sagar Mal Nahata (DIN: 00307611) resigned from the office of Managing Director and Director, and from the office of Chief Financial Officer, with effect from the close of business hours of October 5, 2026, due to change of management.
• Mr. Sujit Kumar Panda (DIN: 06873319) resigned from the office of Director with effect from the close of business hours of October 5, 2026, due to change of management.
• Mrs. Basanti Roy (DIN: 10530177) resigned from the office of Independent Director with effect from the close of business hours of October 5, 2026, due to personal reasons.
• Each of the resigning directors has confirmed that there are no other material reasons other than those mentioned in the resignation letters.

Committee reconstitution

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

What a retail investor may note

• The appointments of Mr. Nishad Jitendra Shah, Mrs. Rajshree Nishad Shah and Mr. Amar Chokshi are subject to approval of the shareholders.
• The update states the existing shareholding of the two incoming promoter-category directors: 44,27,548 equity shares and 32,56,753 equity shares respectively.
• The exits of the Managing Director, a Director and the Chief Financial Officer are stated in the update as being due to the change of management, which follows the RBI approval dated September 24, 2026.
• The board also approved the reconstitution of its Audit Committee and Nomination & Remuneration Committee.

Taken together, this is a full transition of the board and of the key managerial personnel, alongside a reconstitution of the two board committees. The appointments are subject to shareholder approval and the resignations take effect from the close of business hours of October 5, 2026.

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