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Ethos CEO, MD, chairman, board of directors and AGM

NSE: ETHOSLTDBSE: 543532Consumer DurablesSmall Cap

Last close ₹2,411.40down ₹44.60 (1.82%)BSE ₹2,411.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,456.00.

52-week range of traded prices to 23 Oct 2026
₹1,919.40Low, 16 Mar 2026₹3,245.90High, 27 Nov 2025
Market cap
₹6,452 Cr700th largest listed
P/E
61.8
P/B
4.3
Dividend yield
Nonein the last 12 months
ROE
8.4%
ROCE
7.6%
Debt to equity
0.00
Volume, NSE
30,44142.6% delivered

Ethos board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonYASHOVARDHAN SABOORelated to the promoter
  • Managing director and CEOPRANAV SHANKAR SABOO
  • Company Secretary and Compliance OfficerPriya Grover

7 directors4 independent3 executive

  • YASHOVARDHAN SABOO · ChairpersonExecutive · joined Nov 2007 · reappointed Apr 2026 · 2 listed boards · 3 committee seats
  • ANIL KHANNAIndependent · joined Nov 2007 · reappointed Sep 2022 · 109 months as independent · 1 listed board · 1 as independent
  • SUNDEEP KUMARIndependent · joined Oct 2016 · reappointed Sep 2022 · 109 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • MUNISHA GANDHIIndependent · joined Sep 2022 · reappointed Dec 2023 · 47 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • CHARU SHARMAIndependent · joined Nov 2022 · reappointed Nov 2022 · 46 months as independent · 1 listed board · 1 as independent
  • PRANAV SHANKAR SABOO · Managing director and CEOExecutive · joined Jan 2024 · reappointed Apr 2024 · 1 listed board · 1 committee seat
  • MUNISH GUPTAExecutive · joined May 2026 · 0 listed boards

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

5 directors who left
  • DILPREET SINGH, left 3 Aug 2026: Others
  • MUKUL KRISHNA KHANNA, left 31 Mar 2026: Others
  • CHITRANJAN AGARWAL, left 15 Apr 2025: Others
  • SUBRAMANIAN MANOJ, left 31 Mar 2025: Others
  • YOGEN KHOSLA, left 6 Mar 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 14 Aug 20265 of 7 present3 independent · 10 days in between
    • 3 Aug 20268 of 8 present5 independent · 24 days in between
    • 9 Jul 20267 of 8 present5 independent · 57 days in between
    • 12 May 20265 of 7 present3 independent

  • Audit Committee

    Chair ANIL KHANNA

    MUNISHA GANDHI, SUNDEEP KUMAR

    • 3 Aug 20263 of 3 present3 independent · 83 days in between
    • 11 May 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair ANIL KHANNA

    SUNDEEP KUMAR, CHARU SHARMA

    • 3 Aug 20263 of 3 present3 independent · 83 days in between
    • 11 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair ANIL KHANNA

    YASHOVARDHAN SABOO, PRANAV SHANKAR SABOO

    • 1 Aug 20262 of 3 present1 independent · 25 days in between

  • Risk Management Committee

    Chair SUNDEEP KUMAR

    YASHOVARDHAN SABOO, PRANAV SHANKAR SABOO

    • 6 Jul 20262 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair YASHOVARDHAN SABOO

    MUNISHA GANDHI, PRANAV SHANKAR SABOO

    • 2 May 20263 of 3 present1 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Walker Chandiok & Co. LLPPeer-review certificate valid to May 2028

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Ethos AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Ethos share news and announcements

Annual general meeting, 15 Sep 2026

46,335 shareholders on the register on 8 Sep 2026; present: 2 promoters and 54 others; votes counted by Jaspreet Singh Dhawan / Jaspreet Dhawan & Associates.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company together with the Report of the Board of Directors and the Statutory Auditors thereon for the financial year ended March 31, 2026MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 81.39% · promoters 99.79% · institutions 89.03% · other public 0.51%

  2. To appoint Mr. Yashovardhan Saboo (DIN: 00012158), who retires by rotation in terms of provisions of Section 152 of the Companies Act, 2013 or other applicable provisions, if any, and being eligible, offers himself for re-appointmentMoreLess
    OrdinaryPromoters have an interest in it
    98.44% for1.56% against

    Against: promoters 0.00% · institutions 4.11% · other public 0.82%

    Turnout: all 81.39% · promoters 99.79% · institutions 89.03% · other public 0.51%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 3 Jul 2026, 2 resolutions

38,277 shareholders on the register on 29 May 2026; votes counted by Jaspreet Singh Dhawan / Jaspreet Dhawan & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Munish Gupta (DIN – 09350096) as a Director of the Company
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.24% · other public 4.39%

    Turnout: all 80.36% · promoters 99.07% · institutions 86.28% · other public 0.17%

  2. Appointment of Mr. Munish Gupta (DIN – 09350096) as a Whole-time Director with functional designation of Executive Director and Chief Financial Officer for a period of 3 (three) years with effect from May 12, 2026, along with the payment of remunerationMoreLess
    Special
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.19% · other public 4.66%

    Turnout: all 80.36% · promoters 99.07% · institutions 86.28% · other public 0.17%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 27 Mar 2026, 1 resolution

40,313 shareholders on the register on 20 Feb 2026; votes counted by Jaspreet Singh Dhawan / Jaspreet Dhawan & Associates.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Yashovardhan Saboo (DIN – 00012158) as the Chairman and Whole-Time Director of the Company for a term of 3 (three) years, commencing April 1, 2026 to March 31, 2029 and remuneration payable to himMoreLess
    Special
    80.53% for19.47% against

    Against: promoters 0.00% · institutions 53.97% · other public 0.08%

    Turnout: all 79.42% · promoters 100.00% · institutions 83.75% · other public 1.24%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 15 Sep 2025, 4 resolutions

41,384 shareholders on the register on 8 Sep 2025; present: 1 promoter and 54 others; votes counted by Jaspreet Singh Dhawan / Jaspreet Dhawan & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the report of the Board of Directors and the Statutory Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.38%

    Turnout: all 80.04% · promoters 100.00% · institutions 89.21% · other public 0.33%

  2. To appoint a Director in place of Mr. Mukul Krishan Khanna (DIN: 10939041), who retires by rotation in terms of provisions of section 152 of the Companies Act, 2013 or other applicable provisions, if any, and being eligible, offers himself for re-appointment.MoreLess
    Ordinary
    98.94% for1.06% against

    Against: promoters 0.00% · institutions 2.89% · other public 0.49%

    Turnout: all 80.04% · promoters 100.00% · institutions 89.21% · other public 0.33%

  3. To appoint Mr. Vishal Arora, Practicing Company Secretary, as Secretarial Auditor of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.49%

    Turnout: all 80.04% · promoters 100.00% · institutions 89.21% · other public 0.33%

  4. To consider and recommend the Variation in Object Clause of the Prospectus dated May 25, 2022 to vary and extend the timeline for utilisation of unutilised IPO proceeds.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.49%

    Turnout: all 80.04% · promoters 100.00% · institutions 89.21% · other public 0.33%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 2 May 2025, 2 resolutions

43,793 shareholders on the register on 28 Mar 2025; votes counted by Jaspreet Singh Dhawan / Jaspreet Dhawan & Associates.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Mukul Khanna (10939041) as a Director of the Company
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.15% · other public 1.61%

    Turnout: all 77.95% · promoters 99.24% · institutions 90.76% · other public 0.81%

  2. Appointment of Mr. Mukul Khanna (DIN – 10939041) as a Whole time Director with functional designation of Executive Director for a period of 3 (three) years with effect from 1st April 2025, along with the payment of remunerationMoreLess
    Special
    99.72% for0.28% against

    Against: promoters 0.00% · institutions 0.79% · other public 1.61%

    Turnout: all 77.95% · promoters 99.24% · institutions 90.76% · other public 0.81%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 27 Sep 2024, 3 resolutions

Present: 1 promoter and 37 others.The company's voting result (opens in a new tab)

  1. Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, together with the Report of the Board of Directors and the Statutory Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 77.15% · promoters 99.23% · institutions 92.62% · other public 2.25%

  2. Appointment of Mr. Chitranjan Agarwal (DIN – 00095715), who retires by rotation in terms of provisions of section 152 of the Companies Act, 2013 or other applicable provisions, if any, and being eligible, offers himself for re-appointmentMoreLess
    Ordinary
    98.45% for1.55% against

    Against: promoters 0.00% · institutions 4.62% · other public 0.01%

    Turnout: all 77.15% · promoters 99.23% · institutions 92.62% · other public 2.25%

  3. Appointment of M/s Walker Chandiok & Co. LLP, Chartered Accountants (ICAI Firm registration no. 001076N/N500013) as Independent Statutory Auditors of the Company in place of M/s S.R. Batliboi & Co. LLP, Chartered AccountantsMoreLess
    Ordinary
    99.87% for0.13% against

    Against: promoters 0.00% · institutions 0.39% · other public 0.01%

    Turnout: all 77.15% · promoters 99.23% · institutions 92.62% · other public 2.25%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 21 Mar 2024, 8 resolutions

The company's voting result (opens in a new tab)

  1. Appointment of Mr. Yogen Khosla (DIN-00203165) as a Director of the Company
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.27% · institutions 0.00% · other public 0.00%

    Turnout: all 83.29% · promoters 80.71% · institutions 99.24% · other public 38.29%

  2. Appointment of Mr. Pranav Shankar Saboo (DIN-03391925) as a Director of the Company
    OrdinaryPromoters have an interest in it
    96.88% for3.12% against

    Against: promoters 14.06% · institutions 0.00% · other public 0.00%

    Turnout: all 83.29% · promoters 80.71% · institutions 99.24% · other public 38.29%

  3. Appointment of Mr. Manoj Subramanian (DIN-10458966) as a Director of the Company
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.27% · institutions 0.00% · other public 0.00%

    Turnout: all 83.29% · promoters 80.71% · institutions 99.24% · other public 38.29%

  4. Appointment of Mr. Yogen Khosla (DIN-00203165) as an Independent Director of the Company
    Special
    99.94% for0.06% against

    Against: promoters 0.27% · institutions 0.00% · other public 0.00%

    Turnout: all 83.29% · promoters 80.71% · institutions 99.24% · other public 38.29%

  5. Appointment of Mr. Pranav Shankar Saboo (DIN-03391925) as Managing Director with functional designation of Chief Executive Officer of the Company along with payment of remuneration
    SpecialPromoters have an interest in it
    95.89% for4.11% against

    Against: promoters 18.50% · institutions 0.00% · other public 0.00%

    Turnout: all 83.29% · promoters 80.71% · institutions 99.24% · other public 38.29%

  6. Appointment of Mr. Manoj Subramanian (DIN- 10458966) as Whole time Director with functional designation of Executive Director of the Company along with payment of remuneration
    Special
    92.73% for7.27% against

    Against: promoters 32.75% · institutions 0.00% · other public 0.00%

    Turnout: all 83.29% · promoters 80.71% · institutions 99.24% · other public 38.29%

  7. Approval for variation in the objects of the issue of Initial Public Offering of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 83.29% · promoters 80.71% · institutions 99.24% · other public 38.29%

  8. Approval for Section 185 and 186 of the Companies Act, 2013 read with rules made thereunder
    Special
    91.79% for8.21% against

    Against: promoters 37.01% · institutions 0.00% · other public 0.00%

    Turnout: all 83.29% · promoters 80.71% · institutions 99.24% · other public 38.29%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 19 Dec 2023, 1 resolution

The company's voting result (opens in a new tab)

  1. Appointment of Mrs. Munisha Gandhi (DIN -– 09684474) as the Independent (Woman) Director of the Company
    Special
    92.16% for7.84% against

    Against: promoters 0.00% · institutions 36.46% · other public 0.08%

    Turnout: all 77.36% · promoters 98.49% · institutions 82.41% · other public 4.08%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 15 Sep 2026, 6 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company together with the Report of the Board of Directors and the Statutory Auditors thereon for the financial year ended March 31, 2026MoreLess
    6 for0 against
  • To appoint Mr. Yashovardhan Saboo (DIN: 00012158), who retires by rotation in terms of provisions of Section 152 of the Companies Act, 2013 or other applicable provisions, if any, and being eligible, offers himself for re-appointmentMoreLess
    Against Angel One Mutual Fund, LIC Mutual Fund
    • Angel One Mutual FundCombined Position as Board Chairperson and Executive Director and, Remuneration Skewed and Excessive in favour of Related Director.
    • LIC Mutual FundCompliant with law. No governance concern has been identified on the profile, time commitment and attendance of the proposed appointee. However, it is noted that Mr. Yashovardhan Saboo holds combined position of Board Chairperson and Executive Director which from a governance standpoint would mean concentration of powers in the hands of a single person. Governance Concern is identified as a result of such combined position as Mr. Pranav Shankar Saboo, the Managing Director on the board, who is related to Mr. Yashovardhan Saboo, receives higher remuneration than Mr. Munish Gupta, another Professional Executive Director, despite the professional executive director having more years of experience and further, the remuneration of related Managing Director also appears excessive considering the performance of the Company. Hence, governance concern is identified with the proposed reappointment of Mr. Yashovardhan Saboo on account of his combined position as Board Chairperson and Executive Director.
    4 for2 against

Mutual fund votes, meeting of 3 Jul 2026, 5 fund houses so far (houses' deadline to file 15 Oct 2026)

  • Appointment of Mr. Munish Gupta (DIN – 09350096) as a Director of the Company
    5 for0 against
  • Appointment of Mr. Munish Gupta (DIN – 09350096) as a Whole-time Director with functional designation of Executive Director and Chief Financial Officer for a period of 3 (three) years with effect from May 12, 2026, along with the payment of remunerationMoreLess
    5 for0 against
6 earlier meetings

Mutual fund votes, meeting of 27 Mar 2026, 12 fund houses

  • Re-appointment of Mr. Yashovardhan Saboo (DIN – 00012158) as the Chairman and Whole-Time Director of the Company for a term of 3 (three) years, commencing April 1, 2026 to March 31, 2029 and remuneration payable to himMoreLess
    Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund
    • Angel One Mutual FundGovernance Concern: Combined position of Chairman and Executive Director of the Company as holding both the positions of Chairman and Executive Director by the same person may lead to concentration of powers in the hands of single person. Excessive remuneration overall Group Level. Board Chairperson - The Board is non-compliant requirement of retirement of Directors by rotation.
    • Bandhan Mutual Fund, Groww Mutual FundCompliant with Law. Governance Concern: Mr. Yashovardhan Saboo holding combined position of Chairman and Executive Director of the Company. As a good corporate governance practices the Company should have separated the position of chairman from the executive position as holding both the positions of Chairman and Executive Director by the same person may lead to concentration of powers in the hands of single person. Excessive remuneration overall Group Level. Board Chairperson - The Board is non-compliant with Section 152 of the Companies Act.
    • Bank of India Mutual FundYashovardhan Saboo, 67, is the Chairperson & Managing Director (CMD) of Ethos Limited. He has served as the Managing Director of the company since 2007. He is also CMD at KDDL Limited, holding company, and has drawn remuneration from KDDL Limited. We estimate his FY27 overall remuneration at Rs. 116.8 mn (Rs. 30.8 mn from Ethos Ltd and Rs. 86.0 mn from KDDL Ltd), which is high for the size of business and not in line with peers. A substantial portion of his aggregate remuneration for FY27 (~64%) consists of fixed pay, which does not link his pay with the performance of the company. The remuneration is also being set as minimum remuneration; therefore, his remuneration may continue to be high even if company’s financial performance deteriorates. We do not support the resolution.
    • Invesco Mutual FundYashovardhan Saboo, 67, is the Chairperson & Managing Director (CMD) of Ethos Limited. He has served as the Managing Director of the company since 2007. He is also CMD at KDDL Limited, holding company, and has drawn remuneration from KDDL Limited. We estimate his FY27 overall remuneration at Rs. 116.8 mn (Rs. 30.8 mn from Ethos Ltd and Rs. 86.0 mn from KDDL Ltd), which is high for the size of business and not in line with peers. A substantial portion of his aggregate remuneration for FY27 (~64%) consists of fixed pay, which does not link his pay with the performance of the company. The remuneration is also being set as minimum remuneration; therefore, his remuneration may continue to be high even if company’s financial performance deteriorates. We do not support the resolution
    • LIC Mutual FundGovernance Concern: Mr. Yashovardhan Saboo holding combined position of Chairman and Executive Director of the Company. As a good corporate governance practices the Company should have separated the position of chairman from the executive position as holding both the positions of Chairman and Executive Director by the same person may lead to concentration of powers in the hands of single person. Excessive remuneration overall Group Level. Board Chairperson - The Board is non-compliant with Section 152 of the Companies Act.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Motilal Oswal Mutual FundCompliant with Law. Governance Concern: Mr. Yashovardhan Saboo holding combined position of Chairman and Executive Director of the Company. As a good corporate governance practices the Company should have separated the position of chairman from the executive position as holding both the positions of Chairman and Executive Director by the same person may lead to concentration of powers in the hands of single person.
    4 for8 against

Mutual fund votes, meeting of 15 Sep 2025, 10 fund houses

  • To receive, consider and adopt Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the report of the Board of Directors and the Statutory Auditors thereon.MoreLess
    10 for0 against
  • To appoint a Director in place of Mr. Mukul Krishan Khanna (DIN: 10939041), who retires by rotation in terms of provisions of section 152 of the Companies Act, 2013 or other applicable provisions, if any, and being eligible, offers himself for re-appointment.MoreLess
    10 for0 against
  • To appoint Mr. Vishal Arora, Practicing Company Secretary, as Secretarial Auditor of the Company.
    10 for0 against
  • To consider and recommend the Variation in Object Clause of the Prospectus dated May 25, 2022 to vary and extend the timeline for utilisation of unutilised IPO proceeds.
    10 for0 against

Mutual fund votes, meeting of 2 May 2025, 9 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Appointment of Mr. Mukul Khanna (10939041) as a Director of the Company
    8 for0 against
  • Appointment of Mr. Mukul Khanna (DIN – 10939041) as a Whole time Director with functional designation of Executive Director for a period of 3 (three) years with effect from 1st April 2025, along with the payment of remunerationMoreLess
    8 for0 against
2 proposals not matched to one resolution
  • Appoint Mukul Khanna (DIN: 10939041) as Director, liable to retire by rotation from 14 February 2025
    1 for0 against
  • Appoint Mukul Khanna (DIN: 10939041) as Whole time Director designated as Executive Director for three years from 1 April 2025 and fix his remuneration as minimum remuneration
    1 for0 against

Mutual fund votes, meeting of 27 Sep 2024, 8 fund houses

  • Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2024, together with the Report of the Board of Directors and the Statutory Auditors thereonMoreLess
    8 for0 against
  • Appointment of Mr. Chitranjan Agarwal (DIN – 00095715), who retires by rotation in terms of provisions of section 152 of the Companies Act, 2013 or other applicable provisions, if any, and being eligible, offers himself for re-appointmentMoreLess
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST as we have concerns about insufficient independence on the Audit committee.
    7 for1 against
  • Appointment of M/s Walker Chandiok & Co. LLP, Chartered Accountants (ICAI Firm registration no. 001076N/N500013) as Independent Statutory Auditors of the Company in place of M/s S.R. Batliboi & Co. LLP, Chartered AccountantsMoreLess
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundNo concern on the merit of the proposed Auditor. Non-Compliant with SEBI LODR Regulation: Proposed audit fee to be paid to the auditors not disclosed & Auditor's Remuneration is decided by the Chairman and MD along with MD and CEO of the Company
    5 for3 against

Mutual fund votes, meeting of 21 Mar 2024, 5 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • Appointment of Mr. Yogen Khosla (DIN-00203165) as a Director of the Company
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: Intention not clear.
    3 for2 against
  • Appointment of Mr. Manoj Subramanian (DIN-10458966) as a Director of the Company
    5 for0 against
  • Appointment of Mr. Yogen Khosla (DIN-00203165) as an Independent Director of the Company
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. Governance concern: In conflict with Resolution #1.
    3 for2 against
  • Appointment of Mr. Manoj Subramanian (DIN- 10458966) as Whole time Director with functional designation of Executive Director of the Company along with payment of remuneration
    5 for0 against
  • Approval for variation in the objects of the issue of Initial Public Offering of the Company
    5 for0 against
3 proposals not matched to one resolution
  • Appointment of Mr. Pranav Shankar Saboo (DIN - 03391925) as Director of the Company.
    Against Groww Mutual Fund, Motilal Oswal Mutual Fund
    • Groww Mutual Fund, Motilal Oswal Mutual FundAppointment Compliant with law. Governance concern: Excessive & skewed remuneration.
    3 for2 against
  • Appointment of Mr. Pranav Shankar Saboo (DIN - 03391925) as Managing Director and Chief Executive Officer of the Company, with effect from April 1, 2024, for a term of 3 years, that is, upto 31st March, 2027 and including remuneration.MoreLess
    Against Bank of India Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund
    • Bank of India Mutual FundPranav Shankar Saboo, 36, is part of the promoter family. He has been Chief Executive Officer of Ethos Limited since 1 April 2018. Pranav Shankar Saboo received Rs. 44.0 mn as remuneration in FY24. We estimate his FY25 remuneration at Rs. 66.0 mn, which is not commensurate with the size and complexity of the business and high as compared to peers. Furthermore, ~80% of his remuneration is fixed in nature, and no performance criteria have been disclosed for the variable pay. Pranav Shankar Saboo’s remuneration terms differ from that of Manoj Subramaniam’s (Whole Time Director to be appointed from 1 April 2024), where his long-term incentive is dependent on him achieving certain profitability targets. The rationale for this differential treatment is not clear. Hence, we do not support the resolution.
    • Groww Mutual Fund, Motilal Oswal Mutual FundAppointment Compliant with law. Governance concern: Excessive & skewed remuneration.
    • Invesco Mutual FundPranav Shankar Saboo, 36, is part of the promoter family. He has been Chief Executive Officer of Ethos Limited since 1 April 2018. Pranav Shankar Saboo received Rs. 44.0 mn as remuneration in FY24. We estimate his FY25 remuneration at Rs. 66.0 mn, which is not commensurate with the size and complexity of the business and high as compared to peers. Furthermore, ~80% of his remuneration is fixed in nature, and no performance criteria have been disclosed for the variable pay. Pranav Shankar Saboo’s remuneration terms differ from that of Manoj Subramaniam’s (Whole Time Director to be appointed from 1 April 2024), where his long-term incentive is dependent on him achieving certain profitability targets. The rationale for this differential treatment is not clear. Hence, we do not support the resolution
    1 for4 against
  • To advance any loan including any loan represented by a book debt, or give any guarantee or provide any security in connection with any loan taken by Pasadena Retail Private Limited, Joint Venture Company, upto an aggregate sum of Rs. 5 crores in one or more tranches, in their absolute discretion deem beneficial and in the interest of the Company, provided that such loans be utilized by the borrowing company for its principal business activities.MoreLess
    Against Bank of India Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund
    • Bank of India Mutual FundThe company seeks shareholders’ approval to give guarantees and/ or provide security of upto Rs. 50.0 mn to Pasadena Retail Private Limited (PRPL). PRPL is a 50:50 Joint Venture between Ethos Limited and Luxury Time Private Limited (Luxury Time) to carry out its principal business activities. The proposed guarantee / security the company wants to grant in the future shall be used by PCPL for its principal business activities within an aggregate limit of Rs. 50.0 mn. However, the company has neither provided a strategic rationale nor an economic rationale to support the transaction. The company has not disclosed the full terms of transactions. Further, it is not clear if support provided will be in the ratio of shareholding. In the absence of clarity, we do not support the transaction.
    • Groww Mutual Fund, Motilal Oswal Mutual FundNon-Compliant with Section 185(2) of Companies Act, 2013: Inadequate Disclosures regarding full particulars of Loan. Governance concern: No clarity whether the Company will undertake guarantee/charge obligations in proportion with ownership rights.
    • Invesco Mutual FundThe company seeks shareholders’ approval to give guarantees and/ or provide security of upto Rs. 50.0 mn to Pasadena Retail Private Limited (PRPL). PRPL is a 50:50 Joint Venture between Ethos Limited and Luxury Time Private Limited (Luxury Time) to carry out its principal business activities. The proposed guarantee / security the company wants to grant in the future shall be used by PCPL for its principal business activities within an aggregate limit of Rs. 50.0 mn. However, the company has neither provided a strategic rationale nor an economic rationale to support the transaction. The company has not disclosed the full terms of transactions. Further, it is not clear if support provided will be in the ratio of shareholding. In the absence of clarity, we do not support the transaction
    1 for4 against

Mutual fund votes, meeting of 19 Dec 2023, 5 fund houses

  • Appointment of Mrs. Munisha Gandhi (DIN -– 09684474) as the Independent (Woman) Director of the Company
    Against Bank of India Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund
    • Bank of India Mutual FundMs. Munisha Gandhi, 56, held the position of Additional Advocate General for the State of Punjab for the period 2012 to 2017 and was designated as a senior advocate in the year 2014. She was appointed as Non-Executive Non-Independent Director from 27 September 2022 in the Postal Ballot held in March 2023 and attended four of six (67%) board meetings held in FY23. The company proposes to redesignate her as Independent Woman Director and appoint her for five years from 29 September 2023. The company has not clarified the reason for appointing Ms. Munisha Gandhi as Non-Executive Director in 2023 and how she meets the criteria as an Independent Director now. Given this lack of clarity, we do not support her redesignation as Independent Director.
    • Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with law. No concern identified regarding profile & time commitment. Governance Concern: Not served Cooling off period of three years.
    • Invesco Mutual FundMs. Munisha Gandhi, 56, held the position of Additional Advocate General for the State of Punjab for the period 2012 to 2017 and was designated as a senior advocate in the year 2014. She was appointed as Non-Executive Non-Independent Director from 27 September 2022 in the Postal Ballot held in March 2023 and attended four of six (67%) board meetings held in FY23. The company proposes to redesignate her as Independent Woman Director and appoint her for five years from 29 September 2023. The company has not clarified the reason for appointing Ms. Munisha Gandhi as Non-Executive Director in 2023 and how she meets the criteria as an Independent Director now. Given this lack of clarity, we do not support her redesignation as Independent Director
    1 for4 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes

Reported in the filing for the quarter to Sep 2026.

  • Tax disputeIncome Tax AuthoritySince 30 Apr 2024
    No Change. The status remain unchanged since last quarter.
    At the filing before: The Company filed an appeal before the Commissioner of Income Tax (Appeals) on 30-04-2024. The hearing date is awaited.
  • Tax disputeOffice of the Principal Commissioner,Central Goods & Services TaxSince 31 Jan 2025
    No Change. The status remain unchanged since last quarter.
    At the filing before: The Company filed an appeal before the Commissioner (Appeals) on 01-08-2025. The matter was initially heard on 05-04-2026; however, due to a change in the Commissioner (Appeals), it was re-heard on 17-06-2026. The order is presently awaited.MoreLess
  • Tax disputeOffice of the Deputy / Assistant Commissioner, Central Goods and Services Tax Division II, ChandigarhSince 29 Dec 2025
    No Change. The status remain unchanged since last quarter.
    At the filing before: The Company filed an appeal before the Additional Commissioner (Appeals) on 28-03-2026. The hearing date is awaited.
  • Tax disputeOffice of the Assistant Commissioner of State Tax, MumbaiSince 29 Sep 2025
    No Change. The status remain unchanged since last quarter.
    At the filing before: The Company filed an appeal before the Joint Commissioner (Appeals) on 22-03-2026. The hearing date is awaited.

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Rights IssuesJul 2025, checked by CRISIL Ratings Limited409.91Funding working capital requirements of the Company310.00106.10No
Rights IssuesJul 2025, checked by CRISIL Ratings Limited409.91GCP96.110.00No
Rights IssuesJul 2025, checked by CRISIL Ratings Limited409.91Issue Related expenses3.793.68No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.