RGF Capital Markets CFO Sagar Mal Nahata will step down at the close of business on October 5, 2026, with the board appointing Mit Gandhi as CFO effective the same date, according to a BSE filing. Nahata also resigned as managing director and director, citing the change in management.

The decisions formed part of a broader set of board and management changes approved at the company's October 5 meeting in Kolkata. The filing said the Reserve Bank of India had granted approval on September 24, 2026 for the proposed change in shareholding and management.

Gandhi, a chartered accountant, has over 15 years of experience across accounting, credit underwriting, risk management, compliance, housing finance and digital transformation. According to the filing, he previously served as an assistant vice president at HDFC Bank, formerly HDFC Limited, and contributed to integration efforts associated with their merger.

New managing director and board appointments

The board appointed Nishad Jitendra Shah as additional director and managing director under the chairman and promoter category, effective October 5, 2026, until September 1, 2031, subject to shareholder approval. Shah has over 23 years of banking, financial services and corporate management experience.

The board also approved the following appointments, effective October 5:

  • Rajshree Nishad Shah as an additional non-executive, non-independent director under the promoter category. She is Nishad Jitendra Shah's spouse and has over 10 years of professional experience.
  • Amar Chokshi as an additional non-executive independent director for five years, subject to shareholder approval. He is a chartered accountant with over 15 years of experience.
  • Shivam Jayeshkumar Prajapati as company secretary and compliance officer. He is a qualified company secretary and commerce graduate.

Other departures and committee changes

Sujit Kumar Panda resigned as director due to the management change, while independent director Basanti Roy resigned for personal reasons. Both departures take effect at the close of business on October 5, 2026. The filing records confirmations from the resigning directors that there were no other material reasons for their departures.

The board also approved the reconstitution of its Audit and Nomination & Remuneration Committees. Both committees will comprise Amar Chokshi as chairperson, with Ajay Pratap Singh and Rajshree Nishad Shah as members.