Board approves new MD, directors, CFO and CS; MD, director and independent director resign

Board approved: Mr. Nishad Jitendra Shah as Addl.

Mon 5 Oct 2026

Board meeting date

October 05, 2026

MD appointment term

Mr. Nishad Jitendra Shah as Additional Director & Managing Director w.e.f. October 05, 2026 till September 01, 2031

MD shareholding

44,27,548 equity shares

Non-Executive Director shareholding

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

Independent Director term

Mr. Amar Chokshi as Additional Independent Director for 5 years

What the board approved

RGF Capital Markets' board met on October 05, 2026 from 10:00 am to 10:45 am and approved a set of appointments and resignations that together change the company's top management. The update links this to approval received 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) 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 and has over 23 years of experience in banking, financial services and corporate management.
• 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 and has over 10 years of professional experience. She is the spouse of Mr. Nishad Jitendra Shah.
• 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. A Chartered Accountant with over 15 years of experience, his shareholding in the Company is NIL.
• Mr. Shivam Jayeshkumar Prajapati (membership no. A81760) as Company Secretary & Compliance Officer, with effect from October 05, 2026. His shareholding is NIL.
• Mr. Mit Gandhi (Mr. Mit Vikram Gandhi) as the Chief Financial Officer, with effect from October 05, 2026. A Chartered Accountant with over 15 years of experience, his shareholding is NIL.

Who is moving out

• 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 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, with effect from 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, with effect from close of business hours of October 05, 2026, due to personal reasons. Consequently, all three also cease to be members of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee of the Company.

Committees reconstituted

Audit Committee: 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). Nomination & Remuneration Committee: the same three members in the same roles.

How to read it

Both new appointees from the promoter category, Mr. Nishad Jitendra Shah and Mrs. Rajshree Nishad Shah, are taking board positions, and the Managing Director's term runs to September 01, 2031, subject to shareholder approval. The exits of the Managing Director who signed this update, along with a Director and the Chief Financial Officer, are attributed to change of management, and the update records prior Reserve Bank of India approval dated September 24, 2026 for the proposed change in shareholding and management. The Independent Director's exit is attributed to personal reasons. The reconstituted Audit and Nomination & Remuneration Committees are chaired by an Independent Director and have an Independent Director as a second member.

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