On December 29, 2024, State Bank of India (SBI) officially announced the voluntary retirement of Shri Amitava Chatterjee, who was serving as the Deputy Managing Director of the Commercial Clients Group-II. This change in senior management was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring full compliance with regulatory standards set by the Securities and Exchange Board of India (SEBI).

In the formal notice submitted to the BSE Limited and the National Stock Exchange of India Limited, SBI confirmed that the competent authority had approved Mr. Chatterjee’s application for voluntary retirement. This decision marks the end of his tenure at the bank, which has been a significant period for his leadership in the Commercial Clients Group-II. The voluntary retirement will be effective as of December 29, 2024.

The announcement comes in line with the bank's continuous compliance with SEBI regulations, specifically Regulation 30 of the SEBI Listing Obligations, which mandates the disclosure of changes in senior management and important personnel. This ensures that shareholders and stakeholders are well informed about the developments in the bank’s top leadership, especially those that may affect the strategic direction and operations of the bank.

Impact of the Retirement

The retirement of Amitava Chatterjee is expected to have an impact on SBI’s commercial clients division, as it marks the shift of a high-ranking official who has had a significant role in managing relationships with the bank’s commercial clients. While the voluntary retirement of such a senior executive might raise questions about future leadership changes, the bank has expressed confidence in its ability to continue operations smoothly through effective leadership transitions.

The SEBI Compliance

This disclosure is part of SBI’s commitment to transparency in its governance practices, as the SEBI LODR regulations require listed companies to disclose material events, such as senior management changes, promptly. The approval of Mr. Chatterjee’s voluntary retirement was provided by the competent authority within the State Bank of India before its formal submission to the stock exchanges.

The bank has emphasized that further updates, if any, regarding SBI's senior management changes will be made in accordance with the relevant SEBI guidelines, ensuring all disclosures are handled properly.

Conclusion

SBI continues to maintain high governance standards, ensuring that important events, such as changes in senior management, are communicated to the public and stakeholders. With the voluntary retirement of Amitava Chatterjee, the bank moves towards new leadership in the Commercial Clients Group-II. This move is part of the natural transition within the bank’s leadership, which has consistently focused on adapting to evolving market conditions and enhancing services for its wide range of commercial clients.

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