On March 29, 2025, SBI Cards and Payment Services Limited made a significant disclosure to both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), regarding the resignation of two key directors from its Board. This communication was filed in compliance with SEBI’s (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically under Regulation 30 and 51.

The first resignation announced was that of Mr. Abhijit Chakravorty, the Managing Director & CEO of SBI Cards and Payment Services Limited. Mr. Chakravorty, nominated by the State Bank of India, will be stepping down from his role effective March 31, 2025, following his superannuation from State Bank of India (SBI). His tenure as MD & CEO has been marked by strong leadership and significant contributions to the growth of the company. Along with his resignation as MD & CEO, Mr. Chakravorty will also be relinquishing his position as a Nominee Director on the Board of SBI Cards. His resignation letter was formally submitted, and the reasons for his departure were outlined as his retirement from SBI. In his resignation letter, Mr. Chakravorty expressed his gratitude to his colleagues for their support during his tenure, stating, "I would like to convey my gratitude to all my colleagues for the cooperation extended to me during the period of my association with the Company."

The second resignation pertains to Mr. Nitin Chugh, a Non-executive Nominee Director of the company, also nominated by the State Bank of India. Mr. Chugh’s resignation is effective from March 29, 2025, as he has found it increasingly difficult to dedicate sufficient time to board matters due to the demands of his role at SBI. In his formal resignation letter, Mr. Chugh acknowledged the support of fellow board members and stakeholders, stating, "I would like to express my heartfelt appreciation to my fellow Board Members, the management team and all the stakeholders for their unwavering support and collaboration throughout my tenure."

Following these resignations, SBI Cards has also informed the public about the trading window closure. The trading window will be closed from March 29, 2025, to March 31, 2025, owing to the resignation of Mr. Chakravorty. Additionally, the trading window will remain closed from April 1, 2025, until 48 hours after the company declares its financial results for the period ended March 31, 2025.

The board meeting that announced these developments began at 3:00 p.m. and concluded at 4:47 p.m. on the same day.

This disclosure is a part of the company’s compliance with the regulatory requirements under the SEBI (Prohibition of Insider Trading) Regulations, 2015. The company assured that all statutory filings and disclosures will be made with the relevant authorities to ensure complete transparency regarding the changes in the Board composition.

The resignation of both Mr. Chakravorty and Mr. Chugh marks a significant leadership shift at SBI Cards. As the company continues to navigate its future course, these changes will likely have an impact on its strategic direction, though the management remains optimistic about the company's continued growth and success.

The announcement of the resignations provides insight into the future leadership structure of the company and highlights the ongoing process of leadership succession.

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