RGF Capital Markets Ltd Overhauls Leadership Following RBI Approval

• RBI approved the change in shareholding and management on September 24, 2026.
• Mr. Nishad Jitendra Shah assumes the role of Managing Director effective October 5, 2026.

Reader Takeaway: New management assumes control post-RBI approval; investors should watch for upcoming strategic growth and operational clarity.

What just happened

RGF Capital Markets Ltd has completed a massive leadership restructuring following official approval from the Reserve Bank of India. The change centers on a transition in ownership and management, resulting in the exit of key legacy personnel and the appointment of a new board. Managing Director Sagar Mal Nahata, along with Directors Sujit Kumar Panda and Basanti Roy, resigned effective October 5, 2026.

Leadership and Board Changes

The new leadership team brings fresh experience to the firm. Nishad Jitendra Shah, an industry veteran with over 23 years of expertise in financial services, takes the helm as Managing Director for a five-year term ending in 2031. Supporting the board are Rajshree Nishad Shah as Additional Non-Executive Director and Amar Chokshi as an Independent Director. Internally, Mit Gandhi has stepped in as the new Chief Financial Officer, while Shivam Jayeshkumar Prajapati takes over as the Company Secretary and Compliance Officer.

Reconstitution of Committees

In alignment with the board changes, the company has reconstituted its Audit Committee and Nomination & Remuneration Committee. Mr. Amar Chokshi has been appointed as the Chairperson for both committees, ensuring independent oversight during this transitional phase.

What changes now

The management team has indicated that the company intends to pivot toward a growth-oriented model. With regulatory hurdles now cleared, the focus shifts to expanding RGF Capital Markets' footprint across the Indian market. The effectiveness of the new team in executing these plans will determine the company's long-term operational success.