Nuvama board approves new subsidiary, senior appointment, and ESARs

Nuvama Wealth Management Limited’s board of directors approved the incorporation of a wholly-owned subsidiary in India, to be named Nuvama Mutual Fund Trustee Services Limited or an alternative approved name. The subsidiary will focus on mutual fund trustee services and related activities. The initial paid-up share capital, totaling INR 50,000,000, will be fully subscribed by Nuvama.

Concurrently, the board approved the appointment of Dr. Dinesh Soni as group head - compliance and senior management personnel (SMP), effective October 1, 2025. Dr. Soni brings nearly three decades of experience in governance, regulatory operations, and exchange compliance, having previously served as managing director & CEO of NSE Administration & Supervision Ltd.

Additionally, Nuvama’s nomination and remuneration committee approved the grant of 5,000 Employee Stock Appreciation Rights (ESARs) to eligible employees under the 'Nuvama Wealth Employee Stock Appreciation Rights Plan 2024'. The ESAR price will be determined by the committee based on the average daily opening and closing prices of the company’s shares over the 20 trading days prior to the Relevant Date on the Recognised Stock Exchange with higher trading volume.