SRF MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 30 Jun 2026, 33 fund houses

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

• Consideration and adoption of Audited Financial Statements for the financial year 2025-26

  31 for0 against
• To appoint a director in place of Mr. Pramod Gopaldas Gujarathi (DIN 00418958), who retires by rotation and being eligible, offers himself for re-election.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundPrior shareholders’ approval not obtained for continuation beyond 70 years as an Executive Director. Governance Concern: Low Board meeting attendance in last 3 FYs.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of proposed appointee. Non-Compliant with Law: Prior shareholders’ approval not obtained for continuation beyond 70 years as an Executive Director. Governance Concern: Low Board meeting attendance in last 3 FYs.
  • PGIM India Mutual FundNo concern on the merits of proposed appointee. Non-Compliant with Law: Prior shareholders approval not obtained for continuation beyond 70 years as an Executive Director. Governance Concern: Low Board meeting attendance in last 3 FYs.

  26 for7 against
• Re-appointment of Mr. Pramod Gopaldas Gujarathi (DIN 00418958) as a Whole Time Director, designated as Director (Safety and Environment) and Occupier

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundPrior shareholders’ approval not obtained for continuation beyond 70 years as an Executive Director. Governance Concern: Low Board meeting attendance in last 3 FYs.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of proposed appointee. Non-Compliant with Law: Prior shareholders’ approval not obtained for continuation beyond 70 years as an Executive Director. Governance Concern: Low Board meeting attendance in last 3 FYs.
  • PGIM India Mutual FundNo concern on the merits of proposed appointee. Non-Compliant with Law: Prior shareholders approval not obtained for continuation beyond 70 years as an Executive Director. Governance Concern: Low Board meeting attendance in last 3 FYs.

  26 for7 against
• Re-Appointment of Mr. Kartik Bharat Ram (DIN 00008557) as Joint Managing Director

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual FundKartik Ram, 54, is part of the promoter family and Joint Managing Director. He has been on the board since 2006 and attended all five board meetings (100%) in FY26. His remuneration aggregated Rs. 227.7 mn in FY26. Based on the proposed terms, we estimate his annual remuneration at Rs. 270.8 mn for FY27 and his maximum remuneration can go upto Rs 366.1 mn over the tenure of appointment. His commission component was unchanged at Rs. 80.0 mn from FY23 to FY25, even though company profit declined from Rs. 28.2 bn to Rs. 17.0 bn over the same period. We further note that the commission component increased from Rs. 80.0 mn in FY25 to Rs. 100.0 mn in FY26, which was commensurate with the increase in PBT for FY26. We raise concern on the misalignment between his pay and performance. We also raise concern that the commission component of remuneration is open ended, with no absolute cap or clear guidance on method of calculation nor the performance metrics that govern it. The company should disclose the performance metrics governing variable pay. While we support his reappointment to the board, we do not support the resolution.
  • Angel One Mutual Fund, Nippon India Mutual FundGovernance Concern: Skewed Remuneration payment to promoter directors and no cap on proposed commission.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual FundCompliant with law. No concern identified w.r.t. the profile, attendance & time commitment. Governance Concern: Skewed Remuneration payment to promoter directors and no cap on proposed commission.
  • Baroda BNP Paribas Mutual FundWe are satisfied with the proposed director’s credentials. However, the company has not disclosed the upper cap on the proposed director's commission. The proposal does not provide adequate clarity on performance metrics and basis for variable remuneration. Accordingly, we do not support the resolution
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted, in view of the following concerns in the executive's remuneration: • There are no disclosures on the performance metrics and (threshold and target) performance targets that needs to be achieved to determine payout under commission element. • There is a lack of absolute monetary cap on the overall remuneration to be paid to the executive. • The estimated pay of the executive is deemed to be aggressively positioned compared to executives in peer companies with similar size and scale of company's operations.
  • HSBC Mutual FundThere are no disclosures on the performance metrics and (threshold and target) performance that needs to be achieved to determine payout under commission element. There is lack of absolute monetary cap on the overall remuneration to be paid to the executive. The estimated pay of the executive is deemed to be aggressively positioned compared to executives in peer companies with similar size and scale of company's operations.
  • Invesco Mutual FundKartik Ram, 54, is part of the promoter family and Joint Managing Director. He has been on the board since 2006 and attended all five board meetings (100%) in FY26. His remuneration aggregated Rs. 227.7 mn in FY26. Based on the proposed terms, we estimate his annual remuneration at Rs. 270.8 mn for FY27 and his maximum remuneration can go upto Rs 366.1 mn over the tenure of appointment. His commission component was unchanged at Rs. 80.0 mn from FY23 to FY25, even though company profit declined from Rs. 28.2 bn to Rs. 17.0 bn over the same period. We further note that the commission component increased from Rs. 80.0 mn in FY25 to Rs. 100.0 mn in FY26, which was commensurate with the increase in PBT for FY26. We raise concern on the misalignment between his pay and performance. We also raise concern that the commission component of remuneration is open-ended, with no absolute cap or clear guidance on method of calculation nor the performance metrics that govern it. The company should disclose the performance metrics governing variable pay. While we support his reappointment to the board, we do not support the resolution
  • Jio BlackRock Mutual Fund, Sundaram Mutual FundKartik Ram, 54, is part of the promoter family and Joint Managing Director. He has been on the board since 2006 and attended all five board meetings (100%) in FY26. His remuneration aggregated Rs. 227.7 mn in FY26. Based on the proposed terms, we estimate his annual remuneration at Rs. 270.8 mn for FY27 and his maximum remuneration can go upto Rs 366.1 mn over the tenure of appointment. His commission component was unchanged at Rs. 80.0 mn from FY23 to FY25, even though company profit declined from Rs. 28.2 bn to Rs. 17.0 bn over the same period. We further note that the commission component increased from Rs. 80.0 mn in FY25 to Rs. 100.0 mn in FY26, which was commensurate with the increase in PBT for FY26. We raise concern on the misalignment between his pay and performance. We also raise concern that the commission component of remuneration is open-ended, with no absolute cap or clear guidance on method of calculation nor the performance metrics that govern it. The company should disclose the performance metrics governing variable pay. While we support his reappointment to the board, we do not support the resolution.

  16 for17 against
• Approval for re-appointment, payment and facilities to be extended to Mr. Arun Bharat Ram as Chairman Emeritus of the Company from April 1, 2027 to March 31, 2032.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Excessive Remuneration compared to Non-Promoter Executive Director and overall remuneration practice of the Company appears skewed in favour of Promoter Executives.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundNo concern regarding his experience & Profile. Governance Concern: Excessive Remuneration compared to Non-Promoter ED and overall remuneration practice of the Company appears skewed in favour of Promoter Executives.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because: • The proposed appointment is a deviation from market practice and given the limited role and responsibilities of the chairman emeritus, it is considered an honorary position in the Indian context. • The rationale provided by the company is generic in nature and reflects the expected duties of any non-executive director. • The company has not provided a compelling rationale justifying the higher remuneration compared to executive director and non-executive directors, who by virtue of their position, would be expected to have a greater role in mentoring and guiding the management.
  • HSBC Mutual FundThe proposed appointment is a deviation from market practice and given the limited role and responsibilities of the chairman emeritus, it is considered an honorary position in the Indian context. The rationale provided by the company is generic in nature and reflects the expected duties of any non-executive director. The company has not provided a compelling rationale justifying the higher remuneration compared to executive director and non-executive directors, who by virtue of their position, would be expected to have a greater role in mentoring and guiding the management.

  24 for9 against
• Ratification of Remuneration of Cost Auditors for financial year 2026-27

  33 for0 against
• Offer or invitation to subscribe to Redeemable Non-Convertible Debentures of the Company on private placement

  33 for0 against

Mutual fund votes, meeting of 3 Jul 2025, 34 fund houses

• To receive, consider and adopt the standalone and consolidated audited financial statements of the Company for the financial year ended March 31, 2025 along with the Reports of the Auditors’ and Board of Directors’ thereonMoreLess

  34 for0 against
• To appoint a director in place of Mr. Ashish Bharat Ram (DIN 00671567), who retires by rotation and being eligible, offers himself for re-election.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundCombined position of Chairman & Managing Director which may lead to concentration of power; Executive Director remuneration is skewed in favor of proposed appointee.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Combined position of Chairman & Managing Director, which may lead to concentration of power; ED remuneration is skewed in favor of proposed appointee.

  28 for6 against
• Re-Appointment of Mr. Ashish Bharat Ram (DIN 00671567) as Chairman and Managing Director

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundCombined position of Chairman & Managing Director which may lead to concentration of power; Executive Director remuneration is skewed in favor of proposed appointee; No absolute cap on variable pay or total proposed remuneration; Same commission being paid to two Promoter Executive Directors for more than 5 financial years despite variation in the age, past experience, etc. which indicates that the executive remuneration practices are influenced by promoters’ connection with the Company and are not based on executive and company performance
  • Bandhan Mutual Fund, Invesco Mutual Fund, NJ Mutual FundAshish Bharat Ram, 56, is part of the promoter family and serves as the Chairperson and Managing Director of SRF Limited. He has been on the board since 23 May 2005. He has attended all four board meetings in FY25. He received Rs. 203.9 mn as remuneration in FY25, and based on the revised terms, we estimate his annual remuneration in the range of Rs. 230.0 mn and Rs. 302.0 mn. We raise concerns around the misalignment between pay and performance—his commission component has remained constant at Rs. 80.0 mn from FY23 to FY25 despite a decline in company profit from Rs. 28.2 bn to Rs. 17.0 bn over the same period. Further, salary and allowances have increased year-on-year even as profits declined. Under the proposed terms, his fixed salary may increase by 77.2% over FY25 salary to Rs. 180.0 mn, and the commission remains uncapped, raising the risk of excessive payouts if profitability improves. The company should cap the overall remuneration in absolute terms and disclose the performance parameters that govern variable pay. We believe that a major portion of executive remuneration should be variable and directly linked to company performance. Therefore, while we support his reappointment to the board, we do not support the resolution.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: Combined position of Chairman & Managing Director, which may lead to concentration of power; ED remuneration is skewed in favor of proposed appointee; No absolute cap on variable pay or total proposed remuneration; Same commission being paid to 2 Promoter EDs.
  • HSBC Mutual FundThe proposed pay structure is open-ended, as the board has the authority to vary the remuneration of the executive within the limits specified under the Act and as may be agreed to between the board and the executive. There are no disclosures on the threshold and target performance that he needs to achieve to determine the rewards under the commission element. His overall pay in the past has not been aligned with the performance of the company. The resolution entails giving discretion to the board to increase the executive's remuneration annually without adequate rationale. The FY2025 pay of the executive compared to the median remuneration is deemed high.
  • Nippon India Mutual FundGovernance Concern: Combined position of Chairman and MD may lead to concentration of power in the hands of single person. Concerns pertains to proposed re-appointment term w.r.t. Skewed Remuneration & No absolute cap on variable pay.

  23 for11 against
• Appointment of Ms. Sanjay Grover and Associates, Firm of Company Secretaries in Practice as Secretarial Auditors for a term of upto 5(Five) consecutive years

  34 for0 against
• Ratification of Remuneration of Cost Auditors for financial year 2025-26

  34 for0 against
• Offer or invitation to subscribe to Redeemable Non-Convertible Debentures of the Company on private placement

  34 for0 against

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

No

There was a cyber security incident in the quarter

No

The company's own answers in its filing.