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August 13, 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”) Dear Sir/ Madam, This is in furtherance to our letter dated June 4, 2026 intimating the compliance pursuant to the notices received from the Stock Exchanges on May 27, 2026 in relation to the non-compliance with Regulation 19 of the Listing Regulations due to a temporary deviation in the composition of the Nomination and Remuneration Committee (“NRC”) of the Company for two (2) days in the quarter ended March 31, 2026. As per the instructions of the Exchanges, the aforesaid matter was placed before the Board of Directors of the Company, at its meeting held today, i.e., August 13, 2026, for consideration and comments thereon. The Board of Directors took note of the aforesaid temporary deviation in the composition of the NRC of the Company, the consequent non-compliance with Regulation 19 of the Listing Regulations and the action taken by the Exchanges in this regard. The Board noted that the temporary deviation arose pursuant to the retirement of Mr. K. Narasimha Murthy as an Independent Director of the Company and his consequent cessation as a member of the NRC with effect from the close of business hours on March 29, 2026, resulting in 3 Independent Directors out of 5 members on NRC which led to a temporary shortfall against the requirement of having at least two-thirds of the members of the NRC as Independent Directors. It was further noted that, following the appointment of Mr. Bharat Anand as an Independent Director on the Board with effect from March 29, 2026, the Management initiated the process for his co-option as a member of the NRC. The process involved an assessment of his suitability and obtaining his consent to serve on the Committee. Upon completion of the requisite formalities, Mr. Bharat Anand was co-opted as a member of the NRC on April 9, 2026, thereby restoring full compliance with Regulation 19 of the SEBI Listing Regulations. Upon consideration of the matter, the Board took note of the following: • the deviation was temporary and procedural in nature; • Independent Directors continued to constitute the majority of the NRC during the intervening period (three out of five members); • no meeting of the NRC was held during the period of non-compliance; and • the present composition of the NRC is fully compliant with Regulation 19 of the SEBI Listing Regulations, comprising four Independent Directors out of a total strength of six members. 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 The Board was apprised that the Company has duly informed the Promoters regarding the matter and also remitted a fine of INR 4000/- plus GST to each of the Stock Exchanges, as levied and subsequently shared the details with the Exchanges. The Board further noted that, while the aforesaid temporary deviation in the composition of NRC has been duly rectified on April 9, 2026 and the current composition of the NRC is fully compliant with the requirements of Regulation 19 of the SEBI Listing Regulations, the Company remains committed to maintaining highest standards of compliance with applicable governance requirements. The management assured the Board that it has taken due cognizance of this matter and will implement appropriate measures to ensure that such instances do not recur in the future. The Board emphasised the importance of timely monitoring of the composition of the Board Committees and adherence to the prescribed regulatory requirements to ensure continued compliance with the applicable provisions of the SEBI Listing Regulations. 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 NNifty50 National Stock Exchange of India NSE/LIST-SOP/COMB/FINES/0611 May 27, 2026 The Company Secretary Max Financial Services Limited Dear Sir/Madam, Subject: Notice for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") Your attention is drawn towards SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 ("Master Circular") issued on July 11, 2023 and last updated on January 30, 2026 (hereinafter referred to as "Master Circular"), specifying Standard Operating Procedure for imposing fines and suspension of trading in case of non-compliance with the Listing Regulations. On verification of the Exchange records, it has been observed that your Company has not complied/delayed complied with certain Listing Regulation(s). The details of non-compliance(s)/delayed compliance(s), total fine payable by your Company and the particulars about manner in which fine should be remitted to the Exchange is enclosed as Annexure. You are requested to inform the Promoters about identified non-compliance/delayed compliance and to ensure compliance with respective regulation(s) and make the payment of fines within 15 days from the date of this notice, failing which the Exchange may initiate following actions as per Master Circular: 1. Initiate freezing of entire shareholding of the Promoters in the Company as well as in other securities held in the Demat account of the Promoters. 2. Trading in securities of your Company shall take place on a 'Trade for Trade' basis, in case of consecutive default with Regulations 17(1), 18(1) and 27(2) of the Listing Regulations i.e., Shifting of trading in securities to Z Category as per Master Circular. Upon receipt of this review notice, the Company may file the waiver request. Below are the parameters for filing the application for waiver: a) Waiver applications sent via mail is not considered. The Company is requested to submit waiver application on the below mentioned path: NEAPS>>Compliance>>Fine Waiver>>Waiver Request. b) Detailed submission indicating reasons for waiver, mentioning whether it intends to seek personal hearing before the concerned Committee. c) Further, compliance is a pre-requisite for applying for waiver. Thus, waiver application of the non-complied Companies will not be processed without achieving the compliance. This Document is Digitally Signed by NsE ,rnef,6,B.„TiELiilaPrIt3A'-'140VGgiT Sonam Yadav Regd. Office : National Stock Exchange of India Limited Exchange Plaza, C-1„ Block G India +9122 266981001 www.nseindia.corri I CIN U67120MI-I1992PLC069769 National Stock Exchange Of India Limited d) In case the Company is non-complaint under multiple regulations, the Company is advised to file a single application mentioning the details of all the respective regulations and quarters for which the Company intends to apply for waiver. e) Non-refundable Processing fees for an amount of Rs.10,000 plus 18% GST to be paid to the designated Exchange, (as segregated between the Exchanges as per the policy for waiver of fines) only if the fine amount is more than Rs. 5,000/- exclusive of GST. However, before filing an application for waiver of fines, you are requested to refer to the below policy available on the Exchange's website. For ready reference you [Showing first 8,000 characters — download PDF for full document]