Nuvama Wealth Management logo

Nuvama Wealth Management CEO, MD, chairman, board of directors and AGM

NSE: NUVAMABSE: 543988Capital MarketsSmall Cap

Last close ₹1,661.90down ₹7.60 (0.46%)BSE ₹1,660.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,669.50.

52-week range of traded prices to 23 Oct 2026
₹1,096.90Low, 23 Mar 2026₹2,066.00High, 24 Jul 2026
Market cap
₹30,665 Cr304th largest listed
P/E
28.3
P/B
7.4
Dividend yield
1.68%
ROE
28.5%
ROCE
15.6%
Debt to equity
2.80
Volume, NSE
3,74,37448.3% delivered

Nuvama Wealth Management board of directors

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

  • ChairpersonBirendra Kumar
  • Managing director and CEOAshish Kehair
  • Company Secretary and Compliance OfficerSneha Patwardhan

8 directors4 independent2 executive2 non-executive

  • Birendra Kumar · ChairpersonIndependent · joined Jul 2022 · reappointed Jul 2022 · 47 months as independent · 1 listed board · 1 as independent · 5 committee seats
  • Ashish Kehair · Managing director and CEOExecutive · joined Sep 2021 · 1 listed board · 2 committee seats, 1 as chair
  • Shiv SehgalExecutive · joined Jan 2022 · 1 listed board · 1 committee seat
  • Anisha MotwaniIndependent · joined Jul 2022 · reappointed Jul 2022 · 47 months as independent · 6 listed boards · 6 as independent · 5 committee seats, 1 as chair
  • Aswin VikramNominee, non-executive · joined Jan 2022 · 1 listed board · 1 committee seat
  • Kamlesh Shivji VikamseyIndependent · joined Jun 2023 · reappointed Jun 2023 · 37 months as independent · 3 listed boards · 2 as independent · 6 committee seats, 5 as chair
  • Nikhil Kumar SrivastavaNominee, non-executive · joined Mar 2021 · 1 listed board · 3 committee seats, 1 as chair
  • Sameer Ambarish KajiIndependent · joined Jun 2023 · reappointed Jun 2023 · 37 months as independent · 2 listed boards · 2 as independent · 10 committee seats, 3 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.

1 director who left
  • Anthony Murray Miller, left 20 May 2025: Others

Committees and meetings

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

  • Board

    • 29 Jun 20268 of 8 present4 independent · 40 days in between
    • 19 May 20268 of 8 present4 independent · 7 days in between
    • 11 May 20267 of 8 present4 independent · 46 days in between
    • 25 Mar 20268 of 8 present4 independent · 60 days in between
    1 earlier meeting
    • 23 Jan 20268 of 8 present4 independent

  • Audit Committee

    Chair Kamlesh Shivji Vikamsey

    Birendra Kumar, Nikhil Kumar Srivastava, Anisha Motwani, Sameer Ambarish Kaji

    • 19 May 20265 of 5 present4 independent · 7 days in between
    • 11 May 20264 of 5 present4 independent · 10 days in between
    • 30 Apr 20264 of 5 present4 independent · 35 days in between
    • 25 Mar 20265 of 5 present4 independent · 60 days in between
    1 earlier meeting
    • 23 Jan 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Anisha Motwani

    Birendra Kumar, Nikhil Kumar Srivastava

    • 29 Jun 20263 of 3 present2 independent · 48 days in between
    • 11 May 20263 of 3 present2 independent · 107 days in between
    • 23 Jan 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Nikhil Kumar Srivastava

    Shiv Sehgal, Sameer Ambarish Kaji

    • 23 Jan 20263 of 3 present1 independent

  • Risk Management Committee

    Chair Ashish Kehair

    Sameer Ambarish Kaji, Nikhil Kumar Srivastava, Riyaz Marfatia

    • 7 May 20262 of 3 present1 independent · 103 days in between
    • 23 Jan 20263 of 3 present1 independent

  • Corporate Social Responsibility Committee

    Chair Sameer Ambarish Kaji

    Birendra Kumar, Shiv Sehgal

    • 4 May 20263 of 3 present2 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.

  • S.R. Batliboi & Co. LLPPeer-review certificate valid to Jul 2027

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.

Nuvama Wealth Management 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.Nuvama Wealth Management dividend history

Annual general meeting, 28 Sep 2026

1,23,157 shareholders on the register on 21 Sep 2026; present: 2 promoters and 59 others; votes counted by Nilesh Shah / Nilesh Shah & Associates.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone Financial Statement(s) of the Company for the Financial Year ended March 31, 2026, together with the reports of the Board of Directors and Auditors thereonMoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 78.50% · promoters 100.00% · institutions 86.78% · other public 4.54%

  2. To receive, consider and adopt the Audited Consolidated Financial Statement(s) of the Company for the Financial Year ended March 31, 2026, together with the reports of the Auditors thereon
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 78.50% · promoters 100.00% · institutions 86.78% · other public 4.54%

  3. To appoint a Director, in place of Mr. Aswin Vikram (DIN: 08895013), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.69% for0.31% against

    Against: promoters 0.00% · institutions 1.01% · other public 0.02%

    Turnout: all 78.54% · promoters 100.00% · institutions 86.92% · other public 4.54%

  4. To re-appoint Mr. Birendra Kumar (DIN:00163054) as an Independent Director of the Company.
    Special
    99.15% for0.85% against

    Against: promoters 0.00% · institutions 2.73% · other public 0.04%

    Turnout: all 78.54% · promoters 100.00% · institutions 86.92% · other public 4.54%

  5. To re-appoint Ms. Anisha Motwani (DIN:06943493) as an Independent Director of the Company.
    Special
    98.15% for1.85% against

    Against: promoters 0.00% · institutions 5.97% · other public 0.04%

    Turnout: all 78.54% · promoters 100.00% · institutions 86.92% · other public 4.54%

  6. Approval of issuance of Non-Convertible Debentures on a private placement basis.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 78.54% · promoters 100.00% · institutions 86.92% · other public 4.54%

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, 1 Aug 2026, 5 resolutions

1,19,504 shareholders on the register on 25 Jun 2026; votes counted by Nilesh Shah / Nilesh Shah & Associates.The company's voting result (opens in a new tab)

  1. To approve “Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026” and grant of Employee Stock Appreciation Right units under “Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026” to the eligible employees of the Company.MoreLess
    Special
    91.53% for8.47% against

    Against: promoters 0.00% · institutions 29.42% · other public 0.01%

    Turnout: all 86.91% · promoters 100.00% · institutions 91.04% · other public 42.69%

  2. To approve grant of Employee Stock Appreciation Right units under “Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026” to the eligible employees of the subsidiary company (ies) of the Company.MoreLess
    Special
    91.62% for8.38% against

    Against: promoters 0.00% · institutions 29.10% · other public 0.01%

    Turnout: all 86.91% · promoters 100.00% · institutions 91.04% · other public 42.69%

  3. To approve grant of Employee Stock Appreciation Right units under “Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026” to the eligible employees of the associate company (ies) of the Company.MoreLess
    Special
    91.62% for8.38% against

    Against: promoters 0.00% · institutions 29.10% · other public 0.01%

    Turnout: all 86.91% · promoters 100.00% · institutions 91.04% · other public 42.69%

  4. To revise the terms of remuneration of Mr. Ashish Kehair (DIN: 07789972), Managing Director and Chief Executive Officer of the Company.
    Special
    91.40% for8.60% against

    Against: promoters 0.00% · institutions 29.90% · other public 0.01%

    Turnout: all 86.91% · promoters 100.00% · institutions 91.04% · other public 42.69%

  5. To revise the terms of remuneration of Mr. Shiv Sehgal (DIN: 07112524), Executive Director of the Company
    Special
    90.63% for9.37% against

    Against: promoters 0.00% · institutions 32.54% · other public 0.01%

    Turnout: all 86.91% · promoters 100.00% · institutions 91.04% · other public 42.69%

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, 7 Dec 2025, 2 resolutions

1,27,536 shareholders on the register on 3 Nov 2025; votes counted by Nilesh Shah / Nilesh Shah & Associates.The company's voting result (opens in a new tab)

  1. To approve Sub-division / Split of Equity Shares of the Company.
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 75.60% · promoters 100.00% · institutions 84.88% · other public 2.22%

  2. To approve the alteration of the Capital Clause of the Memorandum of Association of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.09%

    Turnout: all 75.59% · promoters 100.00% · institutions 84.87% · other public 2.22%

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, 24 Sep 2025, 3 resolutions

1,32,321 shareholders on the register on 17 Sep 2025; present: 2 promoters and 61 others; votes counted by Nilesh Shah / Nilesh Shah & Associates.The company's voting result (opens in a new tab)

  1. To recevie, consider and adopt: a. The Audited Standalone Financial Statement(s) of the Company for the Financial Year ended March 31, 2025, together with the reports of the Board of Directors and Auditors thereon; and b. The Audited Consolidated Financial Statement(s) of the Company for the Financial Year ended March 31, 2025, together with the reports of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 75.92% · promoters 100.00% · institutions 86.87% · other public 2.16%

  2. To appoint a Director, in place of Mr. Nikhil Kumar Srivastava (DIN: 07308617), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    97.09% for2.91% against

    Against: promoters 0.00% · institutions 10.61% · other public 0.07%

    Turnout: all 75.95% · promoters 100.00% · institutions 86.97% · other public 2.16%

  3. To appoint M/s. SVVS & Associates Company Secretaries LLP as the Secretarial Auditor of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 75.95% · promoters 100.00% · institutions 87.00% · other public 2.16%

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, 11 Oct 2024, 3 resolutions

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

  1. To consider and approve “Nuvama Wealth Employee Stock Appreciation Rights Plan 2024” and Grant of Employee Stock Appreciation Rights Units under ‘Nuvama Wealth Employee Stock Appreciation Rights Plan 2024’ to the Eligible Employees of the CompanyMoreLess
    Special
    99.32% for0.68% against

    Against: promoters 0.00% · institutions 8.13% · other public 0.03%

    Turnout: all 75.96% · promoters 100.00% · institutions 70.79% · other public 40.08%

  2. To consider and approve extension of “Nuvama Wealth Employee Stock Appreciation Rights Plan 2024” to the Eligible Employees of the Subsidiary Company(ies) (Present or Future) of the Company
    Special
    99.32% for0.68% against

    Against: promoters 0.00% · institutions 8.13% · other public 0.03%

    Turnout: all 75.96% · promoters 100.00% · institutions 70.78% · other public 40.08%

  3. To consider and approve extension of “Nuvama Wealth Employee Stock Appreciation Rights Plan 2024” to the Eligible Employees of the Associate Company(ies) (Present or Future) of the Company
    Special
    95.91% for4.09% against

    Against: promoters 0.00% · institutions 49.42% · other public 0.03%

    Turnout: all 75.96% · promoters 100.00% · institutions 70.79% · other public 40.08%

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.

Annual general meeting, 5 Aug 2024, 5 resolutions

Present: 0 promoters and 59 others.The company's voting result (opens in a new tab)

  1. To consider and adopt:na. The Audited Standalone Financial Statement(s) of the Company for the Financial Year ended March 31, 2024, together with the reports of the Board of Directors and Auditors thereon; andnb. The Audited Consolidated Financial Statement(s) of the Company for the Financial Year ended March 31, 2024, together with the reports of the Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

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

    Turnout: all 74.57% · promoters 100.00% · institutions 64.11% · other public 38.15%

  2. To appoint a Director, in place of Mr. Ashish Kehair (DIN: 07789972), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.64% for0.36% against

    Against: promoters 0.00% · institutions 5.45% · other public 0.00%

    Turnout: all 74.58% · promoters 100.00% · institutions 64.26% · other public 38.15%

  3. To appoint a Director, in place of Mr. Aswin Vikram (DIN: 08895013), who retires by rotation and being eligible, offers himself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.64% for0.36% against

    Against: promoters 0.00% · institutions 5.48% · other public 0.00%

    Turnout: all 74.58% · promoters 100.00% · institutions 64.26% · other public 38.15%

  4. To re-appoint Mr. Ashish Kehair (DIN: 07789972) as the Managing Director and Chief Executive Officer of the Company
    Special
    99.69% for0.31% against

    Against: promoters 0.00% · institutions 4.69% · other public 0.00%

    Turnout: all 74.58% · promoters 100.00% · institutions 64.26% · other public 38.15%

  5. To re-appoint Mr. Shiv Sehgal (DIN: 07112524) as an Executive Director of the Company.
    Special
    99.69% for0.31% against

    Against: promoters 0.00% · institutions 4.69% · other public 0.00%

    Turnout: all 74.58% · promoters 100.00% · institutions 64.26% · other public 38.15%

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 Mar 2024, 3 resolutions

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

  1. Ratification and approval for amendments under Nuvama Wealth Management nLimited - Employee Stock Option Plan 2021
    Special
    96.97% for3.03% against

    Against: promoters 0.00% · institutions 63.01% · other public 0.04%

    Turnout: all 73.45% · promoters 100.00% · institutions 47.62% · other public 38.26%

  2. Ratification of grant of employee stock options to the employees of Group nCompany(ies) including Subsidiary Company(ies) or Associate Company(ies) of the Company under the Nuvama Wealth Management Limited - Employee Stock Option Plan 2021MoreLess
    Special
    96.96% for3.04% against

    Against: promoters 0.00% · institutions 63.01% · other public 0.08%

    Turnout: all 73.45% · promoters 100.00% · institutions 47.62% · other public 38.26%

  3. Ratification of grant of employee stock options to the employees of the Holding nCompany of the Company under the Nuvama Wealth Management Limited -nEmployee Stock Option Plan 2021
    Special
    96.97% for3.03% against

    Against: promoters 0.00% · institutions 63.01% · other public 0.07%

    Turnout: all 73.45% · promoters 100.00% · institutions 47.62% · other public 38.26%

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 28 Sep 2026, 10 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider and adopt the Audited Standalone Financial Statement(s) of the Company for the Financial Year ended March 31, 2026, together with the reports of the Board of Directors and Auditors thereonMoreLess
    10 for0 against
  • To receive, consider and adopt the Audited Consolidated Financial Statement(s) of the Company for the Financial Year ended March 31, 2026, together with the reports of the Auditors thereon
    10 for0 against
  • To appoint a Director, in place of Mr. Aswin Vikram (DIN: 08895013), who retires by rotation and being eligible, offers himself for re-appointment
    10 for0 against
  • To re-appoint Mr. Birendra Kumar (DIN:00163054) as an Independent Director of the Company.
    10 for0 against
  • To re-appoint Ms. Anisha Motwani (DIN:06943493) as an Independent Director of the Company.
    10 for0 against
  • Approval of issuance of Non-Convertible Debentures on a private placement basis.
    10 for0 against

Mutual fund votes, meeting of 1 Aug 2026, 10 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To approve “Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026” and grant of Employee Stock Appreciation Right units under “Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026” to the eligible employees of the Company.MoreLess
    10 for0 against
  • To approve grant of Employee Stock Appreciation Right units under “Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026” to the eligible employees of the subsidiary company (ies) of the Company.MoreLess
    10 for0 against
  • To approve grant of Employee Stock Appreciation Right units under “Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026” to the eligible employees of the associate company (ies) of the Company.MoreLess
    10 for0 against
  • To revise the terms of remuneration of Mr. Ashish Kehair (DIN: 07789972), Managing Director and Chief Executive Officer of the Company.
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundAshish Kehair, 51, is the Managing Director and Chief Executive Officer. He has been on the board since 21 September 2021. He was last reappointed as Managing Director and Chief Executive Officer for three years from 21 September 2024. As per current terms, we estimate that Ashish Kehair received a remuneration of Rs. 143.0 mn (excluding fair value of stock options granted to him) in FY26. As per the revised terms of remuneration, we estimate his annual cash pay to be in the range of Rs. 178.8 – 220.0 mn. We raise concern that the company has not disclosed the quantum of stock options/stock appreciation rights proposed to be granted to him during his tenure. The company has three employee stock options/SAR schemes in force. Further, the company does not disclose past grants to senior management personnel in their statutory disclosures. Hence, we are unable to ascertain the past grants since FY23. The company must also disclose the performance metrics that will be used to determine his variable pay. We do not support the revised remuneration terms.
    9 for1 against
  • To revise the terms of remuneration of Mr. Shiv Sehgal (DIN: 07112524), Executive Director of the Company
    Against Jio BlackRock Mutual Fund
    • Jio BlackRock Mutual FundShiv Sehgal, 45, is Executive Director. He has been on the board since 10 December 2019. He is the President & Head at Nuvama Capital Markets. He has over two decades of investment management and financial services experience. He was last reappointed as Executive Director for three years from 11 January 2025. As per current terms, we estimate that Shiv Sehgal received a remuneration of Rs. 105.1 mn (excluding fair value of stock options granted to him) in FY26. As per the revised terms of remuneration, we estimate his annual cash pay to be in the range of Rs. 156.8– 179.2 mn. We raise concern that the company has not disclosed the quantum of stock options/stock appreciation rights proposed to be granted to him during his tenure. The company has three employee stock options/SAR schemes in force. Further, the company does not disclose past grants to senior management personnel in their statutory disclosures. Hence, we are unable to ascertain the past grants since FY23. The company must also disclose the performance metrics that will be used to determine his performance-based bonus. We do not support the revised remuneration terms.
    9 for1 against
4 earlier meetings

Mutual fund votes, meeting of 7 Dec 2025, 19 fund houses

  • To approve Sub-division / Split of Equity Shares of the Company.
    19 for0 against
  • To approve the alteration of the Capital Clause of the Memorandum of Association of the Company.
    19 for0 against

Mutual fund votes, meeting of 24 Sep 2025, 20 fund houses

  • To recevie, consider and adopt: a. The Audited Standalone Financial Statement(s) of the Company for the Financial Year ended March 31, 2025, together with the reports of the Board of Directors and Auditors thereon; and b. The Audited Consolidated Financial Statement(s) of the Company for the Financial Year ended March 31, 2025, together with the reports of the Auditors thereon.MoreLess
    20 for0 against
  • To appoint a Director, in place of Mr. Nikhil Kumar Srivastava (DIN: 07308617), who retires by rotation and being eligible, offers himself for re-appointment.
    20 for0 against
  • To appoint M/s. SVVS & Associates Company Secretaries LLP as the Secretarial Auditor of the Company.
    20 for0 against

Mutual fund votes, meeting of 11 Oct 2024, 11 fund houses

  • To consider and approve “Nuvama Wealth Employee Stock Appreciation Rights Plan 2024” and Grant of Employee Stock Appreciation Rights Units under ‘Nuvama Wealth Employee Stock Appreciation Rights Plan 2024’ to the Eligible Employees of the CompanyMoreLess
    Against Axis Mutual Fund, Bank of India Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund
    • Axis Mutual Fund, Bank of India Mutual Fund, Navi Mutual FundThe company proposes to issue 300,000 units of Employee Stock Appreciation Rights (ESARs), exercisable into 300,000 equity shares of face value of Rs. 10.0 per share, to employees of the company which will result in a dilution of ~0.84% on the expanded capital base. The scheme will be implemented via fresh issuance of shares. The vesting of options will be time based. We raise concern that there is lack of clarity with respect to the exercise price. The company has disclosed that the exercise price shall be decided by the NRC and shall also be the average of the daily opening and closing price of the Equity Shares of the company, as quoted on the recognised stock exchange. Given this, we believe that there is inadequate clarity on the price at which the ESAR units will be granted. We do not favour ESAR schemes where options are granted at a discount of more than 20% to the market price or where there is no clarity on the performance metrics for vesting. ESARs are ‘pay at risk’ options that employees accept at the time of grant, which is protected if the ESARs are issued at significant discount to the market price. If the stock options are granted at a significant discount, there is no alignment between the interests of investors and those of employees. We do not support the resolution.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    7 for4 against
  • To consider and approve extension of “Nuvama Wealth Employee Stock Appreciation Rights Plan 2024” to the Eligible Employees of the Subsidiary Company(ies) (Present or Future) of the Company
    Against Axis Mutual Fund, Bank of India Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund
    • Axis Mutual Fund, Bank of India Mutual Fund, Navi Mutual FundThrough resolution #2, the company seeks to extend the Employee Stock Appreciation Rights Plan 2024 (ESAR 2024), to the employees of subsidiary company(ies). While we support the extension of ESAR’s to employees of unlisted subsidiaries. Further, our view is linked to Resolution #1. Hence, we do not support the resolutions.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    7 for4 against
  • To consider and approve extension of “Nuvama Wealth Employee Stock Appreciation Rights Plan 2024” to the Eligible Employees of the Associate Company(ies) (Present or Future) of the Company
    Against Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund
    • Axis Mutual Fund, Bank of India Mutual Fund, Navi Mutual FundThrough resolution #3, the company seeks to extend the Employee Stock Appreciation Rights Plan 2024 (ESAR 2024), to the employees of associate company(ies). While we support the extension of ESAR’s to employees of unlisted subsidiaries, we do not support these to be extended to employees of associate companies. Further, our view is linked to Resolution #1. Hence, we do not support the resolutions
    • Bandhan Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual FundCompliant with Law. Governance Concern: Benefit under Scheme proposed to be extended to Associate Companies without compelling justification or cost reimbursement provision.
    • HDFC Mutual FundWe do not support ESOPS being extended to associate entities.
    • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
    • Nippon India Mutual FundExtension of scheme to employees of group / associate companies without compelling reasons / cost not being reimbursed to the Company.
    2 for9 against

Mutual fund votes, meeting of 5 Aug 2024, 10 fund houses

  • To consider and adopt:na. The Audited Standalone Financial Statement(s) of the Company for the Financial Year ended March 31, 2024, together with the reports of the Board of Directors and Auditors thereon; andnb. The Audited Consolidated Financial Statement(s) of the Company for the Financial Year ended March 31, 2024, together with the reports of the Auditors thereon.MoreLess
    10 for0 against
  • To appoint a Director, in place of Mr. Ashish Kehair (DIN: 07789972), who retires by rotation and being eligible, offers himself for re-appointment.
    10 for0 against
  • To appoint a Director, in place of Mr. Aswin Vikram (DIN: 08895013), who retires by rotation and being eligible, offers himself for re-appointment.
    10 for0 against
  • To re-appoint Mr. Ashish Kehair (DIN: 07789972) as the Managing Director and Chief Executive Officer of the Company
    Against Axis Mutual Fund, Bank of India Mutual Fund
    • Axis Mutual Fund, Bank of India Mutual FundAshish Kehair received a remuneration of Rs. 32.4 mn (excluding performance-based bonus) in FY24. We cannot reliably estimate his annual remuneration, neither is the performance bonus for FY24 (to be paid in FY25 for FY24 performance) disclosed. The company has not disclosed the quantum of stock options proposed to be granted to him during his tenure. While the current ESOP scheme has 77,801 stock options available to be granted, if the company were to introduce a new ESOP scheme, then he could be granted further stock options from that scheme. His ESOP component is open ended and as a consequence his entire remuneration structure is open-ended. Moreover, the resolution seeks to breach regulatory limits. Further, excluding the fair value of ESOPs, his remuneration in FY23 has aggregated to Rs. 157.2 mn. We believe this is high when compared to peers and not commensurate with the size and complexity of the operations. The company must disclose the performance metrics that will be used to determine his performance-based bonus. While we support his reappointment to the board as Managing Director and Chief Executive Officer, we do not support his remuneration terms.
    8 for2 against
  • To re-appoint Mr. Shiv Sehgal (DIN: 07112524) as an Executive Director of the Company.
    Against Axis Mutual Fund, Bank of India Mutual Fund
    • Axis Mutual Fund, Bank of India Mutual FundShiv Sehgal received a remuneration of Rs. 22.8 mn (excluding performance-based bonus) in FY24. We cannot reliably estimate his annual remuneration, neither is the performance bonus for FY24 (to be paid in FY25 for FY24 performance) disclosed. The company has not disclosed the quantum of stock options proposed to be granted to him during his tenure. While the current ESOP scheme has 77,801 stock options available to be granted, if the company were to introduce a new ESOP scheme, then he could be granted further stock options from that scheme. His ESOP component is open ended and as a consequence his entire remuneration structure is open-ended. Moreover, the resolution seeks to breach regulatory limits. There is no clarity on whether the past ESOP grants to him carry a time-based vesting or a performance-based vesting. Further, excluding the fair value of ESOPs, his remuneration in FY23 has aggregated to Rs. 72.1 mn. We believe this is high when compared to peers and not commensurate with the size and complexity of the operations. The company must disclose the performance metrics that will be used to determine his performance-based bonus. While we support his reappointment, we do not support his remuneration terms.
    8 for2 against

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

Fines and tax disputes

Reported in the filing for the quarter to Jun 2026.

  • Fine or penaltyNSESince 17 Apr 2026₹7,417

    Operational in nature; No Order Passed

    Auction Penalty charges
  • Fine or penaltyNSESince 17 Apr 2026₹20,135

    Operational in nature; No Order Passed

    Non allocation/non confirmation of cp/otr
  • Fine or penaltyNSE Clearing LimitedSince 13 May 2026₹67,718

    Operational in nature; No Order Passed

    Short Margin Penalty (SA04 Allocation)
  • Fine or penaltyNSESince 15 May 2026₹18,525

    Operational in nature; No Order Passed

    Auction Penalty charges
  • Fine or penaltyNSESince 15 May 2026₹30,108

    Operational in nature; No Order Passed

    Non allocation/non confirmation of cp/otr
  • Fine or penaltyNSESince 21 May 2026₹500

    Operational in nature; No Order Passed

    Client Code Modification
  • Fine or penaltyNSESince 12 Jun 2026₹2

    Operational in nature; No Order Passed

    Auction Penalty charges
  • Fine or penaltyNSESince 12 Jun 2026₹18,049

    Operational in nature; No Order Passed

    Non allocation/non confirmation of cp/otr
3 more
  • Fine or penaltyNSESince 23 Jun 2026₹10,000

    Operational in nature; No Order Passed

    Non allocation/non confirmation of cp/otr
  • Fine or penaltyNSESince 23 Jun 2026₹40,000

    Operational in nature; No Order Passed

    Non Tagging of Unique Identifier for Algorithmic orders
  • Tax disputePrincipal Commissioner GST and CXSince 7 Aug 2020
    Pending at CESTAT

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
No
The filing has a part on fines and penalties
Yes
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

The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.