On May 22, 2025, NDA Securities Limited, a member of the National Stock Exchange of India, Bombay Stock Exchange, and National Securities Depository, formally disclosed significant changes in its board of directors. The company announced the resignation of two key figures, Mr. Sanjay Agarwal and Mrs. Deepti Agarwal, from their respective roles within the organization. These resignations were submitted and became effective after the close of business hours on May 22, 2025.

Mr. Sanjay Agarwal, who served as the Managing Director and was designated as a Key Managerial Personnel (KMP), has stepped down to facilitate a change in control of the company’s management. In his resignation letter addressed to the board, Mr. Agarwal expressed gratitude towards his colleagues and staff members for their support during his tenure. He also requested the necessary formalities be carried out with the Registrar of Companies, Stock Exchanges, and HDFC Bank to update records and remove him as an authorized signatory.

Simultaneously, Mrs. Deepti Agarwal, who held the position of Non-Executive Director, also submitted her resignation with a similar intention — to support the ongoing change in management control. Like Mr. Agarwal, she expressed her appreciation for the opportunities and support she received from the company and requested appropriate statutory updates.

The company’s official communication, addressed to the BSE Limited, complied with the norms laid out under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It emphasized that the resignations were voluntary and part of a larger strategic move to enable a smooth transition of leadership and governance.

Regulatory Compliance and Disclosure

NDA Securities submitted a detailed disclosure to the stock exchange, in line with SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015. An Annexure A was attached to this disclosure, which outlined:

• The reason for change: Both resignations were marked as voluntary.

• Date of cessation: Effective from May 22, 2025, after business hours.

• Brief profiles and relationship disclosures: Not applicable in the context of resignations.

The Company Secretary and Compliance Officer, Ms. Shalini Chauhan (ACS-71998), signed the filing and ensured the procedural and regulatory requirements were fulfilled.

Implications for NDA Securities

These developments could signal a major shift in the strategic direction of NDA Securities Limited. While specific details about the incoming leadership or strategic vision have not been disclosed as of yet, the company appears to be preparing for new management control. This could stem from internal restructuring, acquisition, or a broader governance shift aimed at revitalizing the firm’s operations and positioning in the market.

The financial and investor communities will closely watch how these changes influence the company's direction, performance, and compliance trajectory. Changes at the top level of management often bring new perspectives, policies, and potential shifts in business focus.

About NDA Securities Limited

NDA Securities Limited, incorporated in 1992, is a registered entity engaged in financial services, including stock broking and depository services. The company operates through major Indian exchanges and is known for its presence in both retail and institutional investor circles. The corporate office is located in New Delhi, with a secondary office in Fort, Mumbai.

Over the years, the company has built a credible reputation in financial markets, catering to a wide range of investors. With this recent management shake-up, NDA Securities is expected to redefine its strategy, possibly aligning with evolving market conditions or new business alliances.

Conclusion

The resignations of Mr. Sanjay Agarwal and Mrs. Deepti Agarwal from NDA Securities Limited mark a critical juncture in the company’s governance and operational path. While their exit statements emphasize support for a change of control, stakeholders await further announcements regarding the future leadership and strategic roadmap.

The market reaction, potential changes in board composition, and any incoming directors or business strategies will shape the next chapter for NDA Securities. Investors, regulators, and clients will be keen to see whether this transition brings renewed growth and resilience to the firm’s long-standing financial services legacy.

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