KIFS Financial Services Limited has recently announced the resignation of Mr. Utsav Sumantkumar Bhavsar from his role as the whole-time company secretary and compliance officer (key managerial personnel) of the company. This decision comes as part of his plan to explore other professional opportunities. Mr. Bhavsar's resignation was made effective from the closure of business hours on December 30, 2024. This marks a significant change in the company's management structure, particularly concerning regulatory and compliance functions.

The company has confirmed that Mr. Bhavsar will no longer serve as a key managerial personnel under Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which governs the materiality of any event or transaction. As per the latest disclosure, Mr. Rajesh P. Khandwala, the Chairman and Managing Director, along with Mr. Bhavik J. Shah, the Chief Financial Officer, will continue to hold their roles as key managerial personnel for ensuring proper disclosure of material events or transactions.

During this interim period, Mr. Khandwala, who is already acting as the Chairman and Managing Director, will also take on the additional responsibility of serving as the interim compliance officer. This arrangement will remain in place until a new company secretary and compliance officer is appointed by the board. The company aims to make this transition smooth by ensuring that compliance functions are carried out effectively, in line with SEBI (Prohibition of Insider Trading) Regulations, 2015.

The resignation follows an internal decision by Mr. Bhavsar, who indicated in his letter that he wishes to explore new career opportunities outside of the company. His resignation has been formally communicated to all relevant stakeholders, including the Ministry of Corporate Affairs, BSE Limited, and RBI, as required by regulatory standards.

Details of the resignation include:

• Reason for change: Mr. Bhavsar resigned to explore new professional opportunities.
• Date of cessation: The resignation took effect from the close of business hours on December 30, 2024.
• Brief profile: Not applicable in this case.
• Relationship with other directors: There are no significant relationships between Mr. Bhavsar and other directors, as noted in the disclosure.

KIFS Financial Services is a key player in the financial services sector and is governed by the regulatory frameworks laid out by authorities like SEBI. It is crucial for companies in this space to ensure uninterrupted compliance and smooth transitions during such leadership changes.

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