Updates

August 8, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400 021 Mumbai – 400 051 Scrip Code: 500271 Symbol: MFSL Sub: Disclosure under the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) regarding Axis Max Life Insurance Limited (“Axis Max Life”), the material subsidiary of the Company Dear Sir/ Madam, In line with the applicable provisions of SEBI LODR, the disclosure made by Axis Max Life to the National Stock Exchange of India Limited (NSE) for intimation regarding receipt of Show Cause Notices in Form GST DRC-01 from GST Department in relation to FY 2020-21 to FY 2024-25, issued under the GST Regulations, is enclosed as Annexure A for the information of the stock exchanges and for dissemination to the public. You are requested to take the aforesaid on record. Thanking you, Yours faithfully For Max Financial Services Limited Siddhi Suneja Company Secretary & Compliance Officer Encl: as above MAX FINANCIAL SERVICES LIMITED CIN: L24223HR1988PLC145368 Corporate Office: L20M(21), Max Towers, Plot No. C-001/A/1, Sector-16B, Noida- 201301 P: + 91 120 4696000 I Email: investorhelpline@maxfinancialservices.in I Website: www.maxfinancialservices.com Regd. Office: Plot No. 90-C, Sector – 18, Urban Estate, Gurugram, Haryana - 122015 August 8, 2026 National Stock Exchange of India Limited, Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai 400 051 Dear Sir/ Madam, Subject: Disclosure under SEBI (Listing Obligations and Disclosure SEBI GST Department In terms of the extant provisions of the SEBI Listing Regulations, we hereby inform that Axis Max Life Insurance has received Show Cause Notices under GST Regulations in relation to FY 2020-21 to FY 2024-25, alleging the wrongful availment and utilization of Input Tax Credit, on August 7, 2026 at around 17:00 hrs (IST). The SCNs propose demand of tax, interest and penalty aggregating to INR ~35.29 Crs. The Company believes it has availed eligible Input Tax Credit in compliance with relevant provisions of Central Good and Service Tax Act, 2017 and other applicable laws. The Company is reviewing the SCNs and will file the response within prescribed timelines. Further, there is no impact on the operations or other activities of the Company at this stage. The Company will keep the stakeholders informed about any material developments in this regard. Further, while Regulation 30 of the Listing Regulations is not applicable to the Company, but being a material subsidiary of Max Financial Services Limited, a listed company on which the said regulation is applicable, we are also enclosing herewith the details as required under Para A (20) of Part A of Schedule III of Listing Regulations, as Annexure A for the disclosure purposes. You are requested to kindly take the same on record. Yours faithfully, For Axis Max Life Insurance Limited (formerly known as Max Life Insurance Co. Ltd.) Anurag Chauhan General Counsel and Company Secretary Annexure A Name of the Authority GST Department Nature and details of the action(s) The Company has received Show Cause Notices under the provisions of Central Goods and Service Tax Act, 2017 read with the Integrated Goods and Service Tax Act, 2017 on August 7, 2026 in relation to FY 2020-21 to FY 2024-25 Date of receipt of communication from the August 7, 2026 Authority Details of the violation(s)/ contravention(s) Allegations of wrongful availment and utilization of Input committed or alleged to be committed; Tax Credit Impact on financial, operation or other activities of The proposed demand of tax, interest and penalty the listed entity, quantifiable in monetary terms to aggregates to INR ~35.29 Crs. the extent possible. The Company believes it has availed eligible Input Tax Credit in compliance with relevant provisions of Central Goods and Service Tax Act, 2017 and other applicable laws. The Company is reviewing the SCNs and will file the response within prescribed timelines. Further, there is no impact on the operations or other activities of the Company at this stage.