Max Financial Services shareholders and shareholding pattern

NSE: MFSLBSE: 500271InsuranceMid Cap

Formerly Max India

₹1,211.30₹12.00 (0.98%)BSE ₹1,213.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,223.30.

52-week range of traded prices to 23 Oct 2026

₹1,197.30Low, 23 Oct 2026₹1,892.50High, 23 Feb 2026

Next results date: the board meets on 27 Oct 2026 to consider: financial results.

Market cap: ₹41,804 Cr180th largest listed
P/E: Earlier quarters restated in the year
P/B: 7.9
Dividend yield: Nonein the last 12 months
ROCE: 3.1%
Debt to equity: 0.29
Volume, NSE: 4,06,50255.6% delivered

Who owns Max Financial Services, filing by filing

Per cent of the company's shares. The last ten years of filings, from Dec 2016; the latest is the filing for Sep 2026.

Sep 2026 filing

Promoters1.25%
Foreign institutions48.62%
Indian institutions43.70%
GovernmentsNone
Individuals and others6.44%

Shareholding pattern, per cent, from Sep 2022

Promoters
Foreign institutions
Indian institutions
Governments
Individuals and others

Per cent	Dec 2016Filed 12 Jan	Mar 2017Filed 18 Apr	Jun 2017Filed 14 Jul	Sep 2017Filed 13 Oct	Dec 2017Filed 18 Jan	Mar 2018Filed 16 Apr	Jun 2018Filed 19 Jul	Sep 2018Filed 17 Oct	Dec 2018Filed 17 Jan	Mar 2019Filed 18 Apr	Jun 2019Filed 19 Jul	Sep 2019Filed 12 Oct	Dec 2019Filed 14 Jan	Mar 2020Filed 18 Apr	Jun 2020Filed 17 Jul	Sep 2020Filed 7 Oct	Dec 2020Filed 12 Jan	Mar 2021Filed 9 Apr	Jun 2021Filed 9 Jul	Sep 2021Filed 8 Oct	Dec 2021Filed 18 Jan	Mar 2022Filed 12 Apr	Jun 2022Filed 11 Jul	Sep 2022Filed 20 Oct	Dec 2022Filed 19 Jan	Mar 2023Filed 11 Apr	Jun 2023Filed 11 Jul	Sep 2023Filed 18 Oct	Dec 2023Filed 18 Jan	Mar 2024Filed 12 Apr	Jun 2024Filed 16 Jul	Sep 2024Filed 10 Oct	Dec 2024Filed 8 Jan	Mar 2025Filed 7 Apr	Jun 2025Filed 18 Jul	Sep 2025Filed 10 Oct	Dec 2025Filed 15 Jan	Mar 2026Filed 14 Apr	Jun 2026Filed 10 Jul	Sep 2026Filed 12 Oct
	30.42%	30.42%	30.42%	30.29%	30.29%	30.29%	30.29%	30.29%	28.37%	28.33%	28.32%	28.32%	28.31%	28.31%	28.31%	22.33%	17.26%	16.99%	14.72%	14.72%	14.72%	14.72%	14.72%	14.72%	11.45%	10.15%	10.15%	6.52%	6.52%	6.52%	6.52%	3.34%	3.34%	1.74%	1.74%	1.71%	1.25%	1.25%	1.25%	1.25%
Indian promoters	30.42%	30.42%	30.42%	30.29%	30.29%	30.29%	30.29%	30.29%	28.37%	28.33%	28.32%	28.32%	28.31%	28.31%	28.31%	22.33%	17.26%	16.99%	14.72%	14.72%	14.72%	14.72%	14.72%	14.72%	11.45%	10.15%	10.15%	6.52%	6.52%	6.52%	6.52%	3.34%	3.34%	1.74%	1.74%	1.71%	1.25%	1.25%	1.25%	1.25%
	69.58%	69.58%	69.58%	69.71%	69.71%	69.71%	69.71%	69.71%	71.63%	71.67%	71.68%	71.68%	71.69%	71.69%	71.69%	77.67%	82.74%	83.01%	85.28%	85.28%	85.28%	85.28%	85.28%	85.28%	88.55%	89.85%	89.85%	93.48%	93.48%	93.48%	93.48%	96.66%	96.66%	98.26%	98.26%	98.29%	98.75%	98.75%	98.75%	98.75%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	45.77%	44.81%	47.71%	48.46%	51.54%	50.89%	47.71%	46.60%	46.24%	47.50%	44.75%	44.72%	44.78%	45.14%	47.88%	48.06%	48.62%
Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	23.31%	22.64%	25.60%	26.33%	29.29%	28.70%	25.46%	24.37%	24.06%	25.26%	22.18%	22.13%	21.88%	22.15%	25.00%	25.31%	25.86%
Foreign portfolio investors, category II	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.59%	0.30%	0.24%	0.27%	0.39%	0.33%	0.38%	0.37%	0.31%	0.38%	0.71%	0.72%	1.04%	1.12%	1.02%	0.89%	0.89%
Foreign direct investment	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	31.71%	36.00%	34.06%	34.35%	35.10%	36.89%	39.92%	40.74%	44.00%	42.69%	47.30%	47.29%	47.26%	47.35%	44.75%	44.34%	43.70%
Mutual funds	18.28%	20.57%	21.81%	29.79%	30.73%	27.85%	29.58%	30.51%	30.67%	30.87%	31.56%	29.67%	30.36%	27.15%	26.54%	28.40%	26.93%	24.94%	24.35%	23.17%	25.16%	28.05%	28.00%	28.05%	32.26%	29.78%	30.19%	30.27%	31.93%	34.59%	34.69%	36.50%	34.95%	39.88%	39.24%	38.66%	39.49%	36.99%	36.76%	35.49%
Insurance companies	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	–	–	–	–	–	–	–	–	–	–	3.16%	3.13%	3.13%	2.97%	2.85%	2.30%	2.54%	2.63%	3.01%	3.09%	3.79%	4.13%	4.82%	5.42%	6.19%	6.23%	5.84%	6.25%	6.56%	6.13%	6.19%	6.02%	6.52%
Banks	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.01%	Under 0.01%	0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.07%	0.11%
Provident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	–	–	–	–	–	–
Alternative investment funds	–	–	0.05%	0.06%	0.11%	0.42%	0.55%	0.65%	0.82%	0.94%	0.53%	0.97%	1.08%	1.69%	2.14%	1.97%	2.05%	1.41%	1.37%	1.20%	1.18%	1.25%	1.11%	1.12%	1.11%	1.27%	1.06%	1.03%	0.82%	0.51%	0.61%	1.29%	1.51%	1.57%	1.80%	2.04%	1.73%	1.56%	1.49%	1.58%
Non-bank lenders registered with RBI	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Other financial institutions	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	Under 0.01%	Under 0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	–
Central government	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	Under 0.01%	Under 0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	7.80%	7.74%	8.08%	7.05%	6.84%	5.70%	5.85%	6.14%	6.43%	6.47%	6.21%	6.25%	6.24%	6.26%	6.12%	6.35%	6.44%
Resident individuals, up to ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	5.56%	5.39%	5.12%	4.83%	4.27%	3.81%	3.94%	4.12%	4.09%	4.19%	4.12%	4.20%	4.18%	4.15%	4.09%	4.26%	4.35%
Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.24%	0.25%	0.22%	0.40%	0.40%	0.40%	0.40%	0.42%	0.49%	0.46%	0.46%	0.38%	0.37%	0.37%	0.36%	0.40%	0.42%
Companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.17%	1.30%	2.00%	1.15%	1.62%	0.53%	0.51%	0.56%	0.72%	0.70%	0.49%	0.48%	0.50%	0.55%	0.51%	0.55%	0.52%
Non-resident Indians	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.48%	0.45%	0.42%	0.40%	0.32%	0.25%	0.28%	0.28%	0.31%	0.31%	0.33%	0.32%	0.32%	0.33%	0.34%	0.36%	0.35%
Foreign nationals	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Foreign companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	–	–	Under 0.01%	Under 0.01%	Under 0.01%	–
Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.20%	0.22%	0.22%	0.22%	0.22%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.24%	0.24%	0.24%
Directors and their relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.06%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	–
Key managers	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Associate companies and subsidiaries	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.10%	0.07%	0.11%	0.05%	0.02%	0.45%	0.46%	0.51%	0.56%	0.56%	0.56%	0.62%	0.62%	0.61%	0.57%	0.54%	0.55%
Clearing Members	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.10%	0.06%	0.11%	0.05%	0.02%	0.01%	0.01%	Under 0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	Under 0.01%	0.01%	0.02%
Trusts	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.43%	0.43%	0.50%	0.54%	0.54%	0.54%	0.61%	0.60%	0.60%	0.56%	0.53%	0.52%
Unclaimed or Suspense or Escrow Account	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Promoter shares pledgedShare of the promoters' own shares	55.02%	52.59%	72.31%	67.65%	73.85%	81.10%	85.77%	79.53%	81.17%	78.45%	80.36%	91.33%	71.54%	94.76%	91.52%	90.32%	87.20%	84.53%	62.17%	56.70%	63.61%	87.21%	88.89%	94.01%	92.96%	85.05%	93.31%	58.68%	59.57%	69.15%	72.64%	0.10%	0.00%	28.67%	0.00%	0.00%	0.00%	42.07%	26.92%	43.71%
Shares in issue	26,72,70,049	26,72,70,049	26,73,11,259	26,83,84,027	26,83,84,027	26,83,84,027	26,84,15,737	26,84,15,737	26,89,77,471	26,93,85,779	26,93,98,737	26,93,98,737	26,95,09,487	26,95,09,487	26,95,74,504	26,95,74,504	34,50,32,592	34,50,90,302	34,51,06,768	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771	34,51,14,771
Shares locked in	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	7,54,58,088	7,54,58,088	7,54,58,088	7,54,58,088	7,54,58,088	0	0	0	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–

Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. Pledged is the share of the promoters' own shares given to lenders as security. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.

Number of Max Financial Services shareholders

Shareholders on the company's register in each filing.

Shareholders, filing by filing

Shareholders	Dec 2016Filed 12 Jan	Mar 2017Filed 18 Apr	Jun 2017Filed 14 Jul	Sep 2017Filed 13 Oct	Dec 2017Filed 18 Jan	Mar 2018Filed 16 Apr	Jun 2018Filed 19 Jul	Sep 2018Filed 17 Oct	Dec 2018Filed 17 Jan	Mar 2019Filed 18 Apr	Jun 2019Filed 19 Jul	Sep 2019Filed 12 Oct	Dec 2019Filed 14 Jan	Mar 2020Filed 18 Apr	Jun 2020Filed 17 Jul	Sep 2020Filed 7 Oct	Dec 2020Filed 12 Jan	Mar 2021Filed 9 Apr	Jun 2021Filed 9 Jul	Sep 2021Filed 8 Oct	Dec 2021Filed 18 Jan	Mar 2022Filed 12 Apr	Jun 2022Filed 11 Jul	Sep 2022Filed 20 Oct	Dec 2022Filed 19 Jan	Mar 2023Filed 11 Apr	Jun 2023Filed 11 Jul	Sep 2023Filed 18 Oct	Dec 2023Filed 18 Jan	Mar 2024Filed 12 Apr	Jun 2024Filed 16 Jul	Sep 2024Filed 10 Oct	Dec 2024Filed 8 Jan	Mar 2025Filed 7 Apr	Jun 2025Filed 18 Jul	Sep 2025Filed 10 Oct	Dec 2025Filed 15 Jan	Mar 2026Filed 14 Apr	Jun 2026Filed 10 Jul	Sep 2026Filed 12 Oct
All shareholders	52,877	58,774	67,041	63,459	62,616	65,039	58,572	58,058	59,613	59,088	57,789	60,695	59,606	59,698	59,648	58,973	64,384	63,253	64,363	70,706	66,724	69,014	68,088	69,805	70,914	81,463	67,708	63,966	59,682	65,260	67,021	65,804	68,531	68,062	80,467	76,239	75,636	77,069	80,336	85,147
	9	9	8	8	8	8	8	8	8	8	8	8	8	6	6	6	6	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	4	4	4	4	4
Indian promoters	9	9	8	8	8	8	8	8	8	8	8	8	8	6	6	6	6	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	4	4	4	4	4
	52,868	58,765	67,033	63,451	62,608	65,031	58,564	58,050	59,605	59,080	57,781	60,687	59,598	59,692	59,642	58,967	64,378	63,248	64,358	70,701	66,719	69,009	68,083	69,800	70,909	81,458	67,703	63,961	59,677	65,255	67,016	65,799	68,526	68,057	80,462	76,235	75,632	77,065	80,332	85,143
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	219	199	193	197	225	230	243	250	262	302	306	323	330	347	379	362	353
Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	200	186	180	186	215	221	230	238	252	288	286	302	307	324	352	340	334
Foreign portfolio investors, category II	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	18	12	12	10	9	8	12	11	9	13	19	20	22	22	26	21	18
Foreign direct investment	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	73	68	74	64	64	63	66	68	71	65	70	94	97	101	103	109	102
Mutual funds	125	143	145	154	40	23	22	22	23	21	23	27	26	23	25	28	26	28	28	28	29	27	28	29	27	28	29	28	31	32	32	32	31	32	36	36	38	39	41	40
Insurance companies	3	3	3	3	3	3	3	–	–	–	–	–	–	–	–	–	–	16	18	18	15	15	14	13	11	13	10	12	13	16	15	16	13	13	14	15	18	20	20	19
Banks	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	2	2	2	2	3	2	3	2	2	2	2	2	2	2	3	3
Provident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	0	0	1	1	0	0	–	–	–	–	–	–
Alternative investment funds	–	–	1	2	4	5	6	4	5	7	8	11	14	18	19	16	20	19	19	22	22	22	20	19	20	23	16	15	11	8	11	15	15	19	37	40	39	38	40	36
Non-bank lenders registered with RBI	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3	4	3	3	3	3	6	4	3	2	2	3	2	2	2	3	2
Other financial institutions	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	7	4	5	4	4	2	2	2	2	2	2	2	2	2	2	2	2
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	1	1	0	0	0	0	0	–	–	–	–	–	–
Central government	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	1	1	0	0	0	0	0	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	69,508	70,642	81,191	67,442	63,671	59,383	64,946	66,698	65,466	68,159	67,681	80,045	75,808	75,184	76,583	79,861	84,688
Resident individuals, up to ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	65,936	67,205	77,803	64,280	60,584	56,936	61,762	63,511	62,072	64,548	63,871	75,861	71,659	70,888	71,941	74,951	79,686
Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	4	4	3	5	5	5	5	5	7	6	6	5	5	5	5	6	6
Companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1,004	929	923	871	891	804	958	1,034	1,098	1,155	1,171	1,294	1,303	1,336	1,387	1,452	1,483
Non-resident Indians	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2,471	2,422	2,386	2,231	2,148	1,594	2,176	2,104	2,246	2,410	2,591	2,841	2,797	2,914	3,211	3,416	3,475
Foreign nationals	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Foreign companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1	1	1	1	1	1	1	–	–	1	1	1	–
Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Directors and their relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–
Key managers	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	2	2	2	2	2	2	2	2	2	1	1	1	1
Associate companies and subsidiaries	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	86	77	72	51	38	39	40	39	38	35	37	40	40	37	35	32	35
Clearing Members	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	86	68	65	44	33	36	32	33	31	28	29	33	33	31	29	24	29
Trusts	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	9	7	7	5	3	7	5	6	6	7	6	6	5	5	7	5
Unclaimed or Suspense or Escrow Account	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	1	1	1	1	1	1	1	1	1

Max Financial Services promoters

Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Sep 2026; the largest is MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED, 1.16%. The filing names 56 more members with no shares.Promoter buying and selling

Holder
MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITEDIndian companies, trusts and others	1.16%	39,95,923	47.21%
TARA SINGH VACHANIIndividuals and Hindu undivided families	0.03%	1,00,000	0.00%
ANALJIT SINGHIndividuals and Hindu undivided families	0.03%	1,10,000	0.00%
PIYA SINGHIndividuals and Hindu undivided families	0.03%	1,10,333	0.00%

Pledged is the share of the holder's own shares pledged to a lender.

Largest public holders of Max Financial Services, filing by filing

Per cent, on the same shares as the split above.Mutual funds holding Max Financial Services

Holder	Dec 2016Filed 12 Jan	Mar 2017Filed 18 Apr	Jun 2017Filed 14 Jul	Sep 2017Filed 13 Oct	Dec 2017Filed 18 Jan	Mar 2018Filed 16 Apr	Jun 2018Filed 19 Jul	Sep 2018Filed 17 Oct	Dec 2018Filed 17 Jan	Mar 2019Filed 18 Apr	Jun 2019Filed 19 Jul	Sep 2019Filed 12 Oct	Dec 2019Filed 14 Jan	Mar 2020Filed 18 Apr	Jun 2020Filed 17 Jul	Sep 2020Filed 7 Oct	Dec 2020Filed 12 Jan	Mar 2021Filed 9 Apr	Jun 2021Filed 9 Jul	Sep 2021Filed 8 Oct	Dec 2021Filed 18 Jan	Mar 2022Filed 12 Apr	Jun 2022Filed 11 Jul	Sep 2022Filed 20 Oct	Dec 2022Filed 19 Jan	Mar 2023Filed 11 Apr	Jun 2023Filed 11 Jul	Sep 2023Filed 18 Oct	Dec 2023Filed 18 Jan	Mar 2024Filed 12 Apr	Jun 2024Filed 16 Jul	Sep 2024Filed 10 Oct	Dec 2024Filed 8 Jan	Mar 2025Filed 7 Apr	Jun 2025Filed 18 Jul	Sep 2025Filed 10 Oct	Dec 2025Filed 15 Jan	Mar 2026Filed 14 Apr	Jun 2026Filed 10 Jul	Sep 2026Filed 12 Oct
MITSUI SUMITOMO INSURANCE COMPANY LIMITEDForeign direct investment	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	21.87%	21.87%	21.87%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%	21.86%
SMALLCAP WORLD FUND, INCForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.83%	1.83%	1.83%	2.02%	1.73%	1.73%	1.73%	1.92%	1.58%	2.50%	2.52%	2.52%	2.52%	2.96%	3.00%
SBI LIFE INSURANCE CO. LTDInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.17%	1.26%	1.66%	1.72%	1.72%	1.85%	2.03%	2.32%
PRINCIPAL FUNDS, INC. - GLOBAL EMERGING MARKETS FUNDForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.03%	1.03%	1.96%
HDFC LIFE INSURANCE COMPANY LTD -SHAREHOLDERS SOLVENCY MARGIN ACCInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.85%
GOVERNMENT PENSION FUND GLOBALForeign portfolio investors, category I	–	–	–	–	–	1.08%	1.08%	1.62%	1.73%	1.99%	1.99%	1.99%	1.99%	1.45%	1.64%	1.64%	–	1.00%	1.11%	1.22%	–	–	1.29%	1.66%	1.91%	1.91%	1.91%	1.39%	1.21%	–	–	–	–	–	–	–	–	1.57%	1.55%	1.62%
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUNDForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.10%	1.10%	1.12%	1.12%	1.12%	1.13%
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDSForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.00%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.06%	1.08%
KOTAK FUNDS - INDIA MIDCAP FUNDForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.04%	2.20%	2.20%	1.83%	1.44%	1.33%	1.07%	1.07%	1.10%	1.10%	1.06%	1.04%	1.05%
HDFC LIFE INSURANCE COMPANYLIMITED -SHAREHOLDERS SOLVENCY MARGIN ACCOUNTInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.87%	1.89%	2.09%	2.10%	2.16%	2.11%	2.16%	2.42%	–	–	2.31%	2.23%	–	–	2.11%	1.95%	–
POLAR CAPITAL FUNDS PLC - EMERGING MARKET STARS FUNDForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.02%	1.05%	1.05%	1.07%	1.06%	–	–
VANGUARD EMERGING MARKETS STOCK INDEX FU ND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.05%	–	–
HDFC LIFE INSURANCE COMPANY LTD -SHAREHOLDERS SOLVENCY MARGIN ACCOInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.11%	–	–	–
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INT EQForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.03%	–	–	–
HDFC LIFE INSURANCE CO LTD -SHAREHOLDERS SOLVENCY MARGIN ACCOUNTInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.32%	–	–	2.27%	–	–	–	–
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INTERNForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.01%	–	–	–	–
TATA AIA LIFE INSURANCE COMPANY LIMITED A/C MOMENTUM 50 INDEX FUNDInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.01%	–	–	–	–
KUWAIT INVESTMENT AUTHORITY FUND F238Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.11%	1.28%	1.30%	1.03%	1.03%	–	–	–	–	–	–
WF ASIAN SMALLER COMPANIES FUND LIMITEDForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	3.06%	4.00%	3.13%	3.92%	3.92%	3.92%	3.92%	2.84%	2.84%	2.84%	2.99%	2.99%	2.99%	2.78%	2.46%	2.01%	2.38%	2.38%	2.36%	–	–	–	–	–	–	–
TATA AIA LIFE INSURANCE CO LTD A/C RISING INDIA FUNDInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.20%	–	–	–	–	–	–	–
HDFC LIFE INSURANCE CO LTD -SHAREHOLDER SOLVENCY MARGIN ACCInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.43%	–	–	–	–	–	–	–	–
TATA AIA LIFE INSURANCE CO LTD A/C FLEXI GROWTH FD IIInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.34%	–	–	–	–	–	–	–	–
TATA AIA LIFE INSURANCE COMPANY LIMITED A/C RISING INDIA FUND (ULIF 073 17/01/24 RIF 110)Insurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.26%	–	–	–	–	–	–	–	–	–
NEW YORK LIFE INSURANCE COMPANYForeign portfolio investors, category I	–	–	–	–	–	–	–	–	1.98%	1.98%	1.98%	1.98%	1.98%	–	2.98%	2.98%	2.33%	2.60%	2.60%	2.60%	2.60%	2.59%	2.53%	2.53%	2.53%	2.96%	2.96%	2.96%	2.59%	1.78%	1.13%	–	–	–	–	–	–	–	–	–
NEW WORLD FUND INCForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.26%	1.26%	1.26%	1.26%	1.26%	–	–	–	–	–	–	–	–	–	–
TATA AIA LIFE INSURANCE COMPANY LIMITED A/C FLEXI GROWTH FUND ULIF 068 25/04/23 FGF 110Insurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.21%	–	–	–	–	–	–	–	–	–	–
GOVERNMENT OF SINGAPOREForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.74%	1.74%	1.74%	1.74%	1.74%	1.74%	1.74%	1.74%	1.74%	2.07%	2.07%	–	–	–	–	–	–	–	–	–	–	–
BARON EMERGING MARKETS FUNDForeign portfolio investors, category I	–	–	1.05%	1.68%	1.68%	1.83%	2.34%	2.60%	2.62%	2.71%	2.87%	2.96%	2.96%	3.30%	3.31%	3.24%	2.58%	2.78%	2.91%	3.22%	2.62%	2.23%	2.03%	1.82%	1.46%	1.46%	1.42%	1.40%	1.31%	–	–	–	–	–	–	–	–	–	–	–
HDFC LIFE INSURANCE COMPANY LIMITEDInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.75%	1.37%	1.47%	1.48%	1.48%	1.49%	1.51%	1.64%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
MONEYLINE PORTFOLIO INVESTMENTS LIMITEDInstitutions Foreign Portfolio Investor	9.94%	9.94%	9.94%	6.73%	6.73%	6.73%	6.73%	6.73%	6.72%	6.71%	6.71%	6.71%	6.70%	6.70%	6.70%	6.70%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
ASHISH DHAWANResident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.21%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
WF Asian Smaller Co Fund LtdInstitutions Foreign Portfolio Investor	–	–	–	–	–	–	–	–	–	–	–	–	–	2.58%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
New York Life Insurance Co.Institutions Foreign Portfolio Investor	–	–	–	–	–	–	–	–	–	–	–	–	–	2.24%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
BNP PARIBAS ARBITRAGEInstitutions Foreign Portfolio Investor	–	–	–	–	–	–	–	–	–	–	–	–	1.49%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
JUPITER INDIA FUNDInstitutions Foreign Portfolio Investor	–	–	–	–	–	–	–	–	–	–	–	1.04%	1.04%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
TVF FUND LTDInstitutions Foreign Portfolio Investor	–	–	–	–	–	–	–	–	1.08%	1.27%	1.27%	1.16%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
NATIONAL WESTMINSTER BANK PLC AS TRUSTEE OF THE JUPITER INDIA FUNDInstitutions Foreign Portfolio Investor	–	–	–	–	–	1.02%	1.03%	1.03%	1.05%	1.04%	1.04%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
NATIONAL WESTMINSTER BANK PLC AS TRUSTEEInstitutions Foreign Portfolio Investor	–	–	–	–	1.01%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
XENOK LIMITEDOther Institutions	9.01%	9.01%	4.14%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
MORGAN STANLEY (FRANCE) S.A.Institutions Foreign Portfolio Investor	–	–	1.67%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–

A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here: each fund's holding is on the Mutual funds tab, from its own portfolio. A dash is a filing that did not name the holder, which includes holding under one per cent. The 40 holders most recently named are shown, of 42 holders the filings name.