Max Financial Services has announced a transition in its board composition, with Mr. Toru Nakabayashi appointed as a Non-Executive Non-Independent Director, succeeding Mr. Mitsuru Yasuda. The changes are effective from May 13, 2026. Furthermore, the company has extended the term of Mr. V. Krishnan as Manager (KMP) for two years and re-appointed M/s MGC & KNAV Global Risk Advisory LLP as Internal Auditors for the 2026-27 financial year.
Board of Directors Transition
Following a meeting held on May 12, 2026, Max Financial Services confirmed the resignation of Mr. Mitsuru Yasuda from his position as a Non-Executive Non-Independent Director. His departure, driven by internal personnel re-assignment and professional commitments at Mitsui Sumitomo Insurance Company Ltd., is effective from the close of business hours on May 12, 2026.
Replacing him, Mr. Toru Nakabayashi has been appointed as an Additional Director in the capacity of a Non-Executive Non-Independent Director, effective May 13, 2026. Mr. Nakabayashi brings over 20 years of experience in the insurance sector across Japan, Indonesia, and Malaysia, with expertise in corporate governance and strategic business development.
Management and Audit Updates
The company has also strengthened its leadership and operational oversight. The board has approved the extension of Mr. V. Krishnan’s tenure as the Manager (KMP) for a further period of two years, beginning July 1, 2026, subject to shareholder approval. Mr. Krishnan, who has been associated with the Max Group since 1992, continues to provide guidance on regulatory, secretarial, and compliance matters.
Additionally, the firm has re-appointed M/s MGC & KNAV Global Risk Advisory LLP as the Internal Auditors for the financial year 2026-27, ensuring continued focus on risk management and operational efficiency.
Source: BSE
