Board approves new MD, CFO, Company Secretary; MD and CFO resign effective October 05, 2026

RGF Capital Markets board approved a management change: Mr. Nishad Jitendra Shah as MD, Mr. Mit Gandhi as CFO, new Independent Director Mr. Amar Chokshi, and Mr. Shivam Prajapati as Company Secretary, effective October 05, 2026.

Mon 5 Oct 2026

New Managing Director

Mr. Nishad Jitendra Shah as MD

New CFO

Mr. Mit Gandhi as CFO

New Company Secretary

Mr. Shivam Prajapati as Company Secretary

Resignation

Mr. Sagar Mal Nahata resigned as MD and CFO

Effective Date

effective October 05, 2026

Board meeting of October 05, 2026

The Board of Directors met on Monday, October 05, 2026, from 10:00 am to 10:45 am at the registered office and approved a set of appointments and noted resignations, described in the update as a change of management. The company states that approval from the Reserve Bank of India dated September 24, 2026 has been received in relation to the proposed change in shareholding and management of the company.

Appointments approved

• Mr. Nishad Jitendra Shah (DIN: 00357197) as an 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.
• Mrs. Rajshree Nishad Shah (DIN: 01267034) as an Additional Non-Executive Director under the promoter category, with effect from October 05, 2026 till September 01, 2031. She holds 32,56,753 equity shares in the company.
• Mr. Amar Chokshi (DIN: 11702952) as an Additional Director under the Non-Executive – Independent category, with effect from October 05, 2026, for a term of 5 years, subject to approval of the shareholders. His shareholding is stated as NIL.
• Mr. Shivam Jayeshkumar Prajapati (membership no. A81760) as Company Secretary & Compliance Officer, with effect from October 05, 2026. His shareholding is stated as NIL.
• Mr. Mit Gandhi as Chief Financial Officer (CFO), with effect from October 05, 2026, on the recommendations of the Nomination & Remuneration Committee and the Audit Committee. His shareholding is stated as NIL.

Resignations considered and approved

• Mr. Sagar Mal Nahata (DIN: 00307611) resigned from the office of Managing Director and Director, effective close of business hours of October 05, 2026, due to change of management. He also resigned 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.

The update states that these directors also cease to be members of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee of the company.

Committee reconstitution

The Board approved the reconstitution of the Audit Committee and the Nomination & Remuneration Committee. Both committees now comprise Mr. Amar Chokshi as Chairperson (Non-Executive, Independent Director), Mr. Ajay Pratap Singh as Member (Non-Executive, Independent Director) and Mrs. Rajshree Nishad Shah as Member (Non-Executive Director).

Points a retail investor may note

• The changes take effect from a single date, October 05, 2026: a new Managing Director, CFO and Company Secretary come in as the earlier Managing Director/CFO and two other directors step down.
• The update links the resignations to a change of management and records RBI approval dated September 24, 2026 for the proposed change in shareholding and management.
• The appointment of the Managing Director and of the Independent Director is subject to approval of the shareholders, so those two positions are not yet final.
• The new Managing Director and one new non-executive director are promoter-category appointees holding 44,27,548 equity shares and 32,56,753 equity shares respectively, as stated in the update; the other new appointees are stated to hold no shares.
• Committee-level oversight has been reshaped at the same meeting, with an Independent Director chairing both the Audit Committee and the Nomination & Remuneration Committee.

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