Indbank Merchant Banking Services logo

Indbank Merchant Banking Services MD, chairman, board of directors and AGM

NSE: INDBANKBSE: 511473Capital MarketsSmall Cap

Last close ₹23.12down ₹0.79 (3.30%)BSE ₹23.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹23.91.

52-week range of traded prices to 23 Oct 2026
₹22.65Low, 23 Oct 2026₹42.48High, 31 Oct 2025
Market cap
₹103 Cr2,606th largest listed
P/E
14.4
P/B
1.0
Dividend yield
Nonein the last 12 months
ROE
7.2%
ROCE
9.2%
Debt to equity
0.02
Volume, NSE
27,03559.6% delivered

Indbank Merchant Banking Services board of directors

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

  • ChairpersonAshutosh Choudhury
  • Company Secretary and Compliance OfficerChitra MA

7 directors4 independent1 executive2 non-executive

  • Ashutosh Choudhury · ChairpersonNominee, non-executive · joined Jun 2024 · reappointed Jun 2024 · 24 months as independent · 2 listed boards · 1 committee seat
  • Vaijinath GavarshettyIndependent · joined Jul 2019 · reappointed Sep 2024 · 21 months as independent · 2 listed boards · 2 as independent · 1 committee seat, 1 as chair
  • V HaribabuNominee, executive · joined Feb 2022 · reappointed Feb 2022 · 52 months as independent · 2 listed boards · 2 committee seats
  • Sunil JainNominee, non-executive · joined Jul 2022 · reappointed Jul 2022 · 47 months as independent · 2 listed boards · 3 committee seats
  • Devinder Kumar SinglaIndependent · joined Mar 2024 · reappointed Mar 2024 · 27 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Prasanth. V.A.Independent · joined Aug 2024 · reappointed Aug 2024 · 22 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Padma RIndependent · joined Aug 2024 · reappointed Aug 2024 · 22 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 2 as chair

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.

Committees and meetings

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

  • Board

    • 20 Apr 20267 of 7 present4 independent · 32 days in between
    • 18 Mar 20267 of 7 present4 independent · 62 days in between
    • 14 Jan 20265 of 7 present3 independent

  • Audit Committee

    Chair Vaijinath Gavarshetty

    Sunil Jain, Devinder Kumar Singla, Prasanth. V.A., Padma R

    • 20 Apr 20265 of 5 present5 independent · 32 days in between
    • 18 Mar 20265 of 5 present5 independent · 62 days in between
    • 14 Jan 20264 of 5 present3 independent

  • Nomination and remuneration committee

    Chair Devinder Kumar Singla

    Vaijinath Gavarshetty, Sunil Jain, Prasanth. V.A., Padma R

    No meeting listed in the filing.

  • Stakeholders Relationship Committee

    Chair Padma R

    V Haribabu, Sunil Jain

    • 19 Jun 20262 of 3 present1 independent · 23 days in between
    • 26 May 20263 of 3 present1 independent · 18 days in between
    • 7 May 20263 of 3 present1 independent · 9 days in between
    • 27 Apr 20263 of 3 present1 independent · 17 days in between
    6 earlier meetings
    • 9 Apr 20263 of 3 present1 independent · 9 days in between
    • 30 Mar 20263 of 3 present1 independent · 13 days in between
    • 16 Mar 20263 of 3 present1 independent · 24 days in between
    • 19 Feb 20263 of 3 present1 independent · 20 days in between
    • 29 Jan 20263 of 3 present1 independent · 21 days in between
    • 7 Jan 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.

  • Anand & PonnappanPeer-review certificate valid to Mar 2028
1 earlier auditor
  • Brahmayya & Co.Named in the filing for the quarter to Mar 2025

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.

Indbank Merchant Banking Services 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.Indbank Merchant Banking Services dividend history

Annual general meeting, 24 Sep 2026

50,125 shareholders on the register on 17 Sep 2026; present: 1 promoter and 57 others; votes counted by BAALASUBRAMANIYAN NE / GRNK & Associates.The company's voting result (opens in a new tab)

  1. 1. To consider and adopt the audited financial statements of the Company for the financial year ended 31st March, 2026, together with the reports of the board of directors and auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.26%

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.12%

  2. 2. To appoint a director in place of Shri Sunil Jain (DIN: 09665264), Nominee Director, who retires by rotation, and being eligible, offers himself for re-appointment- Ordinary Resolution
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.72%

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.12%

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, 18 Sep 2025, 3 resolutions

52,010 shareholders on the register on 11 Sep 2025; present: 1 promoter and 58 others; votes counted by Sriram Parthasarathy / SPNP & Associates.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements of the Company for the Financial Year ended 31st March, 2025, together with the Reports of the Board of Directors and Auditors thereon.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 39.23%

    Turnout: all 64.86% · promoters 100.00% · institutions 0.00% · other public 0.07%

  2. To appoint a director in place of Shri Ashutosh Choudhury (DIN:09245804), Nominee Director, who retires by rotation and being elgible, offers himself for re-appointment.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 39.25%

    Turnout: all 64.86% · promoters 100.00% · institutions 0.00% · other public 0.07%

  3. To appoint M/S Shanmugam Rajendran & Associates LLP, Practising Company Secretaries as the Secretarial Auditor of the Company for the five consecutive financial years
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 39.23%

    Turnout: all 64.86% · promoters 100.00% · institutions 0.00% · other public 0.07%

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, 19 Sep 2024, 6 resolutions

Present: 1 promoter and 56 others.The company's voting result (opens in a new tab)

  1. Adoption of Audited Financial Statements together with the Reports of the Board of Directors and Auditors for FY ended 31st March 2024
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 64.99% · promoters 100.00% · institutions 0.00% · other public 0.44%

  2. Retirement by Rotation of Director- Shri Sunil Jain (DIN: 09665264)
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 64.99% · promoters 100.00% · institutions 0.00% · other public 0.44%

  3. To approve appointment of Shri Ashutosh Choudhury (DIN: 09245804) as a Non-Executive Nominee Director of the Company
    Ordinary
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 0.00% · other public 66.69%

    Turnout: all 64.99% · promoters 100.00% · institutions 0.00% · other public 0.44%

  4. To re-appoint Shri Vaijinath Gavarshetty (DIN: 08502484) Independent Director for a second term of five (5) consecutive years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.21%

    Turnout: all 64.99% · promoters 100.00% · institutions 0.00% · other public 0.44%

  5. To appoint Shri V.A. Prasanth(DIN: 07583586) as a Non- Executive Independent Director of the Company for an initial term of five (5) consecutive years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.21%

    Turnout: all 64.99% · promoters 100.00% · institutions 0.00% · other public 0.44%

  6. To appoint Smt. Padma R (DIN:09112490) as a Non- Executive Independent Director of the Company for an initial term of five (5) consecutive years
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 64.99% · promoters 100.00% · institutions 0.00% · other public 0.44%

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, 20 Jun 2024, 1 resolution

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

  1. To take the approval of shareholders for the appointing Shri Devinder Kumar Singla (DIN: 01430327) as an Independent Director of the Company.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 6.24%

    Turnout: all 64.90% · promoters 100.00% · institutions 0.00% · other public 0.18%

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, 9 Dec 2023, 1 resolution

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

  1. for approving the business arrangement between the Company and Indian Bank for marketing and promoting the Company’s products to thencustomers of Indian Bank through its branches and zones on a revenue sharing modelMoreLess
    OrdinaryPromoters have an interest in it
    99.57% for0.43% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.43%

    Turnout: all 0.13% · promoters 0.00% · institutions 0.00% · other public 0.37%

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, 14 Sep 2023, 3 resolutions

Present: 0 promoters and 42 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited financial statements of the Company for the FY ended 31st March 2023 together with the Reports of the Board of Directors and Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.39%

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.11%

  2. To appoint a director in place of Shri. Imran Amin Siddiqui (Din: 09153707), Nominee Director, who retires by rotation, and being eligible, offers himself for re-appointment
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.11%

  3. To authorize board of directors of the company to fix the remuneration of the statutory auditors, appointed by Comptroller & Auditor General of India, in terms of the provisions of section 142 of the companies act, 2013.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.11%

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 2022, 4 resolutions

Present: 1 promoter and 43 others.The company's voting result (opens in a new tab)

  1. Adoption of audited financial statements of the Company for the Financial Year endeded 31st March 2022 together with the Reports of the Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.67%

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.11%

  2. Appointment of Shri.Imran Amin Siddiqui (DIN: 09153707) as a Non Executive Nominee Director of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.30%

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.11%

  3. Appointment of Shri.Satish Kumar Kalra (DIN: 01952165) as an Independent Director of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.29%

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.11%

  4. Appointment of Shri Sunil Jain (DIN: 09665264) as a Non Executive Nominee Director of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.70%

    Turnout: all 64.88% · promoters 100.00% · institutions 0.00% · other public 0.11%

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, 28 May 2022, 3 resolutions

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

  1. To appoint Shri. V. Haribabu, (DIN: 09523733), as a Director of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 3.21%

    Turnout: all 64.87% · promoters 100.00% · institutions 0.00% · other public 0.08%

  2. To appoint Shri. V. Haribabu (DIN: 09523733), as President and Whole-Time Director of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.20%

    Turnout: all 64.87% · promoters 100.00% · institutions 0.00% · other public 0.08%

  3. Approval of Material Related Party Transaction(s) with Indian Bank
    OrdinaryPromoters have an interest in it
    95.80% for4.20% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.20%

    Turnout: all 0.03% · promoters 0.00% · institutions 0.00% · other public 0.08%

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.

Tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Tax disputeIncome Tax Act,1961Since 31 Mar 2015
    Appeal made by the Company w.r.t to the deduction in respect of dividend income u/s 80M r.w.s. 80AA of the Act and Income Tax Appellate Tribunal has issued an order allowing the appeal and remitting the matter for recomputing. The Assessing Officer has passed a giving effect order U/s 254 dated 21.04.2026 determining a refund of Rs.128.93 lakhs as against the demand of Rs.115.02 crores. However the Company has not received the refund instead received a communication for proposed adjustment of refund against the outstanding tax demands of assessment years which is pending before the court. The Company has also submitted an online response against the proposed adjustment of refunds by clearly stating the grounds for various assessment years and reiterating that the adjustment is not warranted and same is pending with department.MoreLess
    At the filing before: Appeal made by the Company w.r.t to the deduction in respect of dividend income u/s 80M r.w.s. 80AA of the Act and Income Tax Appellate Tribunal has issued an order allowing the appeal and remitting the matter for recomputing. Department is yet to give effect to this.MoreLess

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
No
The company has a risk management committee
No
The chair is related to the managing director
No
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.