Highlights
- Axis Bank CFO Puneet Sharma resigned to pursue the next phase of his professional journey.
- Board approved reappointments of two directors, subject to regulatory and shareholder approvals.
- Puneet Sharma will cease as CFO and KMP on August 31, 2026.
Axis Bank Ltd (NSE:AXISBANK) has informed the National Stock Exchange (NSE) and BSE about changes in its senior management and Board of Directors. The bank disclosed that Chief Financial Officer (CFO) Puneet Sharma has resigned, while the Board approved the reappointments of Independent Director CH S S Mallikarjunarao and Whole-Time Director (Executive Director) Munish Sharda.
The disclosures were made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source: Analysis by Kalkine
CFO Puneet Sharma Resigns
According to the bank, Puneet Sharma tendered his resignation on June 28, 2026, to pursue the next phase of his professional journey.
He will be relieved from the services of the bank at the close of business on August 31, 2026. From that date, he will also cease to be the Chief Financial Officer, Key Managerial Personnel (KMP), and a member of the bank's senior management. Axis Bank stated that it has placed on record its appreciation for Puneet Sharma's contribution during his tenure and wished him well in his future endeavours.
Independent Director Reappointed for Second Term
The Board approved the reappointment of CH S S Mallikarjunarao as an Independent Director for a second term of four years.
Subject to shareholder approval, his new tenure will begin on February 1, 2027, and continue until January 31, 2031. The bank also confirmed that he is not debarred from holding the office of director by any order of SEBI or any other statutory authority.
Munish Sharda Reappointed as Executive Director
Axis Bank's Board also approved the reappointment of Munish Sharda as Whole-Time Director, designated as Executive Director, for another three-year term.
The proposed tenure will run from February 27, 2027, to February 26, 2030, subject to approvals from the Reserve Bank of India and the bank's shareholders. The bank confirmed that Munish Sharda is also not debarred by SEBI or any statutory authority from serving as a director.
Profiles of the Reappointed Directors
CH S S Mallikarjunarao has more than 37 years of banking experience. He previously served as Managing Director & CEO of Punjab National Bank and has also held senior leadership positions at Allahabad Bank, Syndicate Bank and Oriental Bank of Commerce.
Munish Sharda has more than 34 years of experience across banking, insurance, consumer goods and engineering. As Executive Director of Axis Bank, he oversees retail assets, retail liabilities, branch banking and the commercial banking group. Before joining the bank, he served as Managing Director & CEO of Future Generali India Life Insurance and earlier worked with Citibank India, Blow Plast Limited and Larsen & Toubro Limited.
Regulatory Approvals Pending
The reappointments of CH S S Mallikarjunarao and Munish Sharda remain subject to the necessary approvals.
Mallikarjunarao's reappointment requires approval from the bank's shareholders, while Munish Sharda's reappointment requires approvals from both the Reserve Bank of India and the shareholders.
Key Risks
- Delay in appointing a new CFO could affect management continuity.
- Regulatory approvals are pending for one executive director reappointment.
- Leadership transitions may be monitored by investors and stakeholders.
- Changes in senior management could affect succession planning.
Summary
Axis Bank (NSE:AXISBANK) announced the resignation of Chief Financial Officer Puneet Sharma, who will leave the bank on August 31, 2026. The Board also approved the reappointments of Independent Director CH S S Mallikarjunarao and Executive Director Munish Sharda for fresh terms, subject to shareholder and regulatory approvals. The disclosures were made under SEBI Listing Regulations.
FAQs
Q: Why has Axis Bank CFO Puneet Sharma resigned?
A: Puneet Sharma resigned to pursue the next phase of his professional journey, according to the bank's exchange filing.
Q: When will Puneet Sharma cease to be Axis Bank's CFO?
A: He will cease as Chief Financial Officer, Key Managerial Personnel and senior management member on August 31, 2026.
Q: Which directors have been reappointed by Axis Bank's Board?
A: The Board approved the reappointments of CH S S Mallikarjunarao and Munish Sharda, subject to applicable regulatory and shareholder approvals.