The RGF Capital Markets board approved the appointment of Nishad Jitendra Shah as Additional Director and Managing Director on October 5, 2026, alongside new directors and senior executives, according to a BSE filing. The company also named Mit Gandhi as Chief Financial Officer and accepted resignations linked to the management change.

The appointments of Shah and Rajshree Nishad Shah follow Reserve Bank of India approval dated September 24, 2026, relating to the proposed change in the company's shareholding and management.

Nishad Shah's appointment under the chairman and promoter category runs from October 5, 2026, to September 1, 2031, subject to shareholder approval. He has over 23 years of experience in banking, financial services and corporate management, including roles at Citigroup, Barclays Bank PLC, State Bank of India (UK) and Axis Bank.

New directors and executive appointments

  • Rajshree Nishad Shah joins as an Additional Non-Executive, Non-Independent Director under the promoter category, effective October 5, 2026. The board outcome specifies a tenure until September 1, 2031. She has over 10 years of professional experience, including work at Barclays Bank PLC.
  • Amar Chokshi joins as an Additional Non-Executive Independent Director for five years from October 5, 2026, subject to shareholder approval. A chartered accountant, he has over 15 years of experience across finance, business operations and regulatory compliance.
  • Shivam Jayeshkumar Prajapati becomes Company Secretary and Compliance Officer from October 5, 2026. He is a qualified company secretary and commerce graduate.
  • Mit Gandhi becomes CFO from October 5, 2026. A chartered accountant with over 15 years of experience, he previously served as Assistant Vice President at HDFC Bank, erstwhile HDFC Limited.

The filing identifies Nishad Shah and Rajshree Shah as spouses, holding 44,27,548 and 32,56,753 equity shares, respectively.

Departures and committee changes

Sagar Mal Nahata resigned as Managing Director, Director and CFO, while Sujit Kumar Panda resigned as Director, citing the management change. Independent Director Basanti Roy resigned for personal reasons. All these resignations take effect at the close of business on October 5, 2026.

The board also approved reconstitution of the Audit Committee and Nomination and Remuneration Committee. Amar Chokshi will chair both committees, with Ajay Pratap Singh and Rajshree Nishad Shah as members.

The board meeting took place at the company's registered office in Kolkata from 10:00 am to 10:45 am. RGF Capital Markets trades on BSE under scrip code 539669.