Max Financial Services Ltd

🔍 SEBI Closes Proceedings Against Max Financial Services & Axis Max Life

• SEBI issued a final order on August 24, 2026, disposing of proceedings against Noticees 1 to 12.

• No direction or penalty was imposed on the 12 Noticees.

• The Noticees include the Company, its subsidiary Axis Max Life Insurance Limited, and certain erstwhile/current directors and key managerial personnel.

• The proceedings relate to a Show Cause Notice (SCN) received via email on October 25, 2024.

• 13 additional Noticees (present/former Non-Executive/Independent Directors) have filed settlement applications which are still under process; final order for them is awaited.

• The Company had made earlier disclosures about the SCN on October 26, 2024 and October 29, 2024.