Max Financial Services Limited announced on August 25, 2026, that the Securities and Exchange Board of India (SEBI) has issued a Final Order. This order disposes of the show cause notice that was issued on October 24, 2024. Notably, the proceedings against 12 noticees were concluded without any direction or imposition of penalty. Applications from 13 additional directors are still under process.
SEBI Final Order Issued
Max Financial Services Limited has disclosed that the Securities and Exchange Board of India (SEBI) has issued a Final Order concerning a Show Cause Notice (SCN) previously received by the company, its subsidiary Axis Max Life Insurance Limited, and certain erstwhile and current directors. The SCN was initially issued on October 24, 2024.
Proceedings Concluded Without Penalty
The Final Order, dated August 24, 2026, has disposed of the proceedings initiated against 12 noticees. Crucially, the order does not include any specific directions or impose any penalties on these individuals. This development resolves a period of regulatory uncertainty for the entities involved.
Settlement Applications Pending
In addition to the 12 noticees, a separate group of 13 individuals, comprising present and former Non-Executive/Independent Directors of the Company, had filed settlement applications. These applications are currently under process, and a final order pertaining to these noticees is still awaited.
Source: BSE
