Fedfina Financial Services Limited, a prominent player in the financial services sector, has made key announcements in its recent board meeting held on November 29, 2024, impacting both the governance and senior management structure of the company. The meeting covered important decisions related to appointments and changes that align with the company's growth and strategic goals.

Appointment of Mrs. Mona Bhide as Independent Director Fedfina has approved the appointment of Mrs. Mona Bhide as an Independent Director for a term of five years, starting from November 29, 2024, and continuing until November 28, 2029. Her appointment is subject to the approval of the shareholders at the next general meeting. Mrs. Bhide is a well-regarded legal professional with extensive experience in corporate law, securities law, and finance. She is the Managing Partner at Dave & Girish & Co, a law firm specializing in corporate and securities law, and has advised numerous multinational corporations and financial institutions. Mrs. Bhide has represented SEBI and appeared before various courts, including the High Court and NCLT, bringing invaluable expertise to the board of Fedfina.

Appointment of Mr. Krishnan Venkat Subramanian as Nominee Director In another important development, Mr. Krishnan Venkat Subramanian, also known as Mr. K.V.S. Manian, has been appointed as a Nominee Director of Fedfina, effective from November 30, 2024. His appointment comes in line with the requirements of Federal Bank, as they nominate him to represent their interests on the Fedfina board. Mr. Subramanian has had an illustrious banking career, with over 39 years of experience, particularly in corporate finance and banking. He played a key role in transforming Kotak Mahindra into a bank and served as the Joint Managing Director at Kotak. He currently holds the position of Managing Director and CEO at Federal Bank. His wealth of experience in the financial services industry will undoubtedly add value to Fedfina’s governance and strategic direction.

Resignation of Mr. Vikas Srivastava and Appointment of Mr. Shardul Kadam as CBO Fedfina has also acknowledged the resignation of Mr. Vikas Srivastava, the Chief Business Officer for Small Ticket Mortgage and MSE LAP, due to personal reasons. His resignation is effective from November 30, 2024. Mr. Srivastava has been a key part of the organization, and his departure marks the end of a significant era. In his place, Mr. Shardul Kadam, currently serving as the Chief Risk Officer (CRO), will take on the role of Chief Business Officer for Small Ticket Mortgage and MSE LAP starting December 1, 2024. Mr. Kadam has been with Fedfina for over 13 years and has demonstrated his leadership and deep understanding of the business. His tenure as CRO for 3.5 years has further honed his strategic capabilities, making him an ideal candidate to drive the company's business growth.

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Interim Appointment of Mr. Awadhesh Jaiswal as Chief Risk Officer With Mr. Kadam’s promotion to CBO, the role of Chief Risk Officer will be temporarily filled by Mr. Awadhesh Jaiswal. Mr. Jaiswal has an extensive background in risk management, having worked with prominent financial institutions like ICICI Bank, Bajaj Finance, and Axis Bank. He joined Fedfina in 2020 and has been instrumental in managing the company’s risk profile and implementing key strategic initiatives. His appointment as Interim CRO will ensure that the company’s risk functions remain robust and effective during this transitional period.

Impact on Fedfina’s Growth and Governance These changes in the Board of Directors and senior management highlight Fedfina’s continued focus on enhancing its leadership and governance framework. The appointments of experienced professionals like Mrs. Bhide and Mr. Subramanian, along with the restructuring in the senior management team, reflect the company’s commitment to corporate governance and strategic business growth. The company is poised to navigate the evolving challenges of the financial services landscape under this new leadership.

Fedfina’s leadership team remains dedicated to strengthening its business operations and delivering long-term value to its stakeholders, as it positions itself as a key player in India’s growing financial services sector.

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