The RGF Capital Markets board approved the appointment of Nishad Jitendra Shah as Additional Director and Managing Director and reconstituted two board committees on October 5, 2026, according to a BSE filing. The decisions also included appointments of a Chief Financial Officer, a Company Secretary and two other directors.

The company said the appointments of Nishad Jitendra Shah and Rajshree Nishad Shah followed Reserve Bank of India approval dated September 24, 2026, relating to the proposed change in its shareholding and management.

Nishad Jitendra Shah's appointment under the promoter category takes effect from October 5, 2026, through September 1, 2031, subject to shareholder approval. According to his disclosed profile, he has more than 23 years of experience across banking, financial services and corporate management, including roles at Citigroup, Barclays Bank PLC, State Bank of India (UK) and Axis Bank.

Director and management 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 through September 1, 2031.
  • Amar Chokshi joins as an Additional Non-Executive Independent Director for five years from October 5, 2026, subject to shareholder approval. He is a Chartered Accountant with over 15 years of experience.
  • Mit Gandhi becomes Chief Financial Officer effective October 5, 2026. A Chartered Accountant with over 15 years of experience, he previously served as Assistant Vice President at HDFC Bank, formerly HDFC Limited.
  • Shivam Jayeshkumar Prajapati becomes Whole-Time Company Secretary and Compliance Officer from October 5, 2026.

The filing identifies Nishad and Rajshree Shah as spouses and discloses their respective holdings of 44,27,548 and 32,56,753 equity shares.

Departures and committee composition

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.

Amar Chokshi will chair both the Audit Committee and the Nomination and Remuneration Committee. Each committee will also comprise Ajay Pratap Singh, a Non-Executive Independent Director, and Rajshree Nishad Shah, a Non-Executive Director.

The board meeting took place at the company's registered office in Kolkata, beginning at 10:00 am and concluding at 10:45 am.