Dear Shareholders,
Your Directors take pleasure in presenting their 31st Annual Report on
the business and operations of your Company, together with the audited financial
statements, for the year ended March 31,2026.
Your Company endeavours to remain one of the leading players in the
Asset Management business in India and keep exploring opportunities for enhancing its
global footprint as well.
Your Company is a subsidiary company of Nippon Life Insurance Company
("NLI"). NLI is one of the largest life insurers in the world managing assets of
over USD 749 billion. It has a large global network with presence across US, Europe, Asia
and Australia along with over 130-year track record in Life Insurance business as well as
global investments across Asset Management companies. This pedigree brings strong
synergistic benefits that very well complements your Company's domestic expertise in the
Asset Management business and provides a thrust to its significant growth potential. Your
Company expects substantial upside in terms of increased AUM & adoption of best
governance & risk management practices based on NLI's global positioning &
relationships.
FINANCIAL PERFORMANCE AND STATE OF COMPANY'S
AFFAIRS
The standalone and consolidated financial statements of the Company for
the financial year ended March 31, 2026, have been prepared in accordance with the Indian
Accounting Standards ("IND AS") notified under Section 133 of the Companies Act,
2013 ("the Act") read with Companies (Indian Accounting Standards) Rules, 2015
and other relevant provisions of the Act. The financial highlights (on a consolidated and
standalone basis) of the Company for the year ended March 31, 2026 are as follows:
(Rs. in Crores)
|
Consolidated |
Standalone |
| Description |
Year ended March 31,2026 |
Year ended March 31,2025 |
Year ended March 31,2026 |
Year ended March 31,2025 |
| Gross Income |
2933.07 |
2520.72 |
2742.11 |
2348.28 |
| Profit before exceptional item and tax |
1971.96 |
1694.32 |
1934.29 |
1654.67 |
| Exceptional Items |
- |
- |
- |
- |
| Profit Before tax |
1971.96 |
1694.32 |
1934.29 |
1654.67 |
| Current Tax |
453.21 |
377.54 |
424.83 |
365.84 |
| Deferred Tax |
8.62 |
31.05 |
11.71 |
36.60 |
| Profit for the year |
1528.13 |
1285.73 |
1497.75 |
1252.23 |
| Share of Profit from Associates |
1.25 |
0.66 |
- |
- |
| Profit attributable to non-controlling
interest |
- |
- |
- |
- |
| Other Comprehensive Income |
(2.97) |
(4.82) |
(2.94) |
(4.51) |
| Balance carried to Balance Sheet |
1526.41 |
1281.57 |
1494.81 |
1247.72 |
| Basic EPS of K 10 each |
24.05 |
20.34 |
23.54 |
19.79 |
| Diluted EPS of K 10 each |
23.63 |
20.03 |
23.13 |
19.49 |
The Consolidated Financial Statement of the Company forms part of this
Annual Report.
OPERATION HIGHLIGHTS
As you are aware that your Company acts as the asset manager to Nippon
India Mutual Fund ("NIMF"), which is one of the largest Mutual Funds in India,
in terms of the Quarterly Average Assets under Management ("QAAUM") as on March
31, 2026.
The QAAUM of NIMF as on March 31,2026 was Rs.
7,24,965 crore comprising of Rs. 3,29,558 crore of Equity, Rs. 16,396 crore of Arbitrage,
Rs. 97,423 crore of Debt, Rs. 39,584 crore of
Liquid Funds and Rs. 2,42,004 crore of ETF assets. It may be noted that
the QAAUM of NIMF as on March 31,2025 was Rs. 5,57,199 crore comprising of Rs. 2,62,935
crore of Equity, Rs. 14,443 crore of Arbitrage, Rs. 83,397 crore of Debt, Rs. 42,571 crore
of Liquid Funds and Rs. 1,53,854 crore of ETF assets.
Overall QAAUM of NIMF has increased by 30.1% during the financial year
2025-26, while the Indian Mutual Fund Industry witnessed an overall positive growth of
20.9% in terms of QAAUM (Source: AMFI).
New Schemes Launched:
During the year under review, Nippon India Mutual Fund launched the
following new schemes:
| Name of Scheme |
Type |
Structure |
| Nippon India Nifty 500 Quality 50 Index Fund |
Open |
Other - Index Funds |
| Nippon India Nifty 500 Low Volatility 50
Index Fund |
Open |
Other - Index Funds |
| Nippon India BSE Sensex Next 30 Index Fund |
Open |
Other - Index Funds |
| Nippon India BSE Sensex Next 30 ETF |
Open |
Other - ETFs |
| Nippon India Nifty 1D Rate Liquid ETF -
Growth |
Open |
Other - ETFs |
| Nippon India Nifty India Manufacturing Index
Fund |
Open |
Other - Index Funds |
| Nippon India Nifty India Manufacturing ETF |
Open |
Other - ETFs |
| Nippon India CRISIL-IBX Financial Services
9-12 Months Debt Index Fund |
Open |
Other - Index Funds |
| Nippon India CRISIL-IBX Financial Services
3-6 Months Debt Index Fund |
Open |
Other - Index Funds |
| Nippon India MNC Fund |
Open |
Equity |
| Nippon India Income Plus Arbitrage Active
Fund of Fund |
Open |
Other - FoF - Domestic |
As on March 31, 2026, NIMF has a well-rounded portfolio of 112 schemes
under various categories such as Equity, Debt, Hybrid, Exchange Traded Fund, Fixed
Maturity Plans and Interval Funds.
DETAILS OF MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE
FINANCIAL POSITION OF THE COMPANY FROM THE FINANCIAL YEAR END TILL THE DATE OF THIS REPORT
There have been no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the financial
year 2025-26 and the date of this Report.
REGISTERED OFFICE:
The Company has shifted its Registered office, within local limits of
the city, from 4th Floor, Tower A, Peninsula Business Park, Ganapatrao Kadam Marg, Lower
Parel (West), Mumbai - 400013 to 30th Floor, One Lodha Place, Senapati Bapat Marg, Lower
Parel, Mumbai - 400013, with effect from November 10, 2025.
DIVIDEND
During the year, the Company had declared and paid an interim dividend
of Rs. 9/- per equity share of Rs. 10/- each amounting to Rs. 572.99 Crore. The Board has
also recommended a final dividend of Rs. 12.50 per equity share of Rs. 10/- each for the
financial year ended March 31, 2026, for the approval of the Shareholders at the ensuing
Annual General Meeting ("AGM"). With this the total dividend for the financial
year 2025-26 would be approximately Rs. 1,371 Crores, including the interim dividend of
Rs. 9.00 per equity share distributed in November 2025. The Final dividend, if declared,
will be paid on and from July 10, 2026.
The dividend pay-out is in accordance with the Company's Dividend
Distribution Policy which is placed on the Company's website at
https://mf.nipponindiaim.com/ InvestorServices/Pages/Investor-Policies.aspx.
AMOUNT TO BE CARRIED TO RESERVES
There is no amount proposed to be transferred to the reserves. For
complete details on movement in Reserves and Surplus during the financial year ended March
31,2026, please refer to the Statement of Changes in Equity included in the Financial
Statements of the Company forming part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report for the year under review as
stipulated under SEBI (Listing Obligations & Disclosure Requirements) Regulations,
2015 ("Listing Regulations") is presented in a separate section forming part of
this Report.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENT
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Act are given in the notes to the Financial Statement of
the Company forming part of this Annual Report.
DEPOSITS
During the year, your Company has not accepted any deposits within the
meaning of Sections 73 and 74 of the Act read together with the Companies (Acceptance of
Deposits) Rules, 2014. Further, there are no outstanding or unclaimed deposits, unclaimed
/ unpaid interest, refunds due to the deposit holders or to be deposited to the Investor
Education and Protection Fund as on March 31, 2026.
EMPLOYEES STOCK OPTION SCHEME
With the perspective of promoting the culture of employee ownership and
to attract, retain, motivate and incentivize senior as well as critical talent, the
Company has formulated the following Employee Stock Option Plan(s) / Scheme(s):
• Nippon Life India Asset Management Limited - Employee Stock
Option Plan 2017 (formerly known as Reliance Nippon Life Asset Management Limited -
Employee Stock Option Plan 2017) ("NAM INDIA ESOP 2017") as its stock option
scheme, which was launched in August 2017
• Nippon Life India Asset Management Limited - Employee Stock
Option Plan 2019 ("NAM INDIA ESOP 2019") as its stock option scheme, which was
launched in July 2019.
• Nippon Life India Asset Management Limited - Employee Stock
Option Scheme 2023 ("ESOP 2023" / "Scheme") as a stock option scheme
and Nippon Life India Asset Management Limited - Performance Linked Stock Unit Scheme 2023
("PSU 2023" / "Scheme") as a stock unit scheme were launched in
October 2023.
During the year, the Board of Directors at its meeting held on July 28,
2025, based on the recommendation of the
Nomination and Remuneration Committee, approved the amendment to the
NAM INDIA ESOP 2019, inter-alia, for extending the exercise period of the said Plan from
the existing seven (7) years to nine (9) years from the date of grant of options and for
aligning changes in accordance with SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021 ("SBEB & SE Regulations"). The same was approved by the
Shareholders of the Company vide Postal Ballot dated January 9, 2026.
Further, the Board of Directors at its meeting held on April 27, 2026,
based on the recommendation of the Nomination and Remuneration Committee and subject to
the approval of the Shareholders at the ensuing Annual General Meeting, approved the
following:
• Amendments to NAM INDIA ESOP 2017 and NAM INDIA ESOP 2019 for
decreasing the unallocated employee stock options under NAM INDIA ESOP 2017 and NAM INDIA
ESOP 2019 and transferring the decreased unallocated stock options to the proposed
Employee Stock Option Scheme as enumerated below.
• Introduction and implementation of Nippon Life India Asset
Management Limited - Employee Stock Option Scheme 2026.
Further, there has been no other material variation in the terms of
aforesaid Plan(s) and Scheme(s) and the same are in compliance with the SBEB & SE
Regulations. No employee was issued stock option/unit, during the year equal to or
exceeding 1% of the issued capital of the Company at the time of grant.
The certificate from the Secretarial Auditors of the Company confirming
the compliance of the SBEB & SE Regulations with respect to the aforesaid Plans and
Schemes of the Company will be available for inspection through electronic mode. Any
member interested in obtaining the same may write to the Company Secretary. The details as
required to be disclosed under SBEB & SE Regulations are placed on the Company's
website at https://mf.nipponindiaim.com/ InvestorServices/Pages/ESOP-Disclosure.aspx
CAPITAL STRUCTURE
During the Financial year 2025-26, the Company issued and allotted
34,13,364 Equity Shares to eligible employees on exercise of options granted under the
Employee Stock Option Plan(s)/ Scheme(s) of the Company. Hence, the issued, subscribed,
and paid-up capital of the Company was 63,81,15,996 Equity Shares of Rs. 10/- each as on
March 31, 2026.
During the year under review, the Company has not issued any:
a) shares with differential rights as to dividend, voting or otherwise.
b) sweat equity shares.
The Equity History of the Company has been provided in the Corporate
Governance Report.
COMPLIANCE CULTURE & RISK MANAGEMENT
Your Company maintains a strong focus on Compliance and Risk Management
as these are essential elements for its long-term success. The compliance and risk
functions are managed by a dedicated and experienced team of professionals. The management
has a zero tolerance towards risk and compliance failures or breaches.
There exists a comprehensive Compliance Manual, which is reviewed by
your Board of Directors from time to time and it facilitates the Company's Compliance team
to monitor various compliance requirements effectively & comprehensively. Your Board
of Directors has also constituted a Risk Management and Compliance Committee, which is
chaired by the Managing Director & CEO of the Company, and which has the Chief
Compliance Officer and other senior & relevant functionaries as its members. This
Committee meets at least once in a quarter to discuss and deliberate issues pertaining to
compliance and other regulatory developments. The Compliance team regularly conducts
educative training programs for various segments within the organization.
Your Company also has a comprehensive Risk Management Policy that
envisages a structured and consistent enterprise- wide risk management framework, based on
the three lines of defense model, to ensure that risk management processes are
consistently applied across the organization and provide reasonable assurance regarding
achievement of organization's objectives.
The risk management policy clearly sets out the objectives &
elements of risk management within the organization, including the constitution of an
independent Risk Management department headed by Chief Risk Officer (reporting directly to
the CEO and to the Board of Directors), Risk Management Committees at executive and Board
levels. The policy also defines the roles and responsibility of all the CXOs towards risk
management as part of first line of defense model.
Your Company promotes risk awareness culture throughout the
organization and risk management is an integral part of decision making and day-to-day
operations of all activities at all levels across the organization. There are well
documented & Board approved policies & processes to address and mitigate various
risks to which the company is exposed. The company also has a robust business continuity
plan which is tested on a periodic basis to ensure uninterrupted operations. The risk
department conducts various training programs on various facets of risk management
including cyber risk awareness, conduct risk, operational risk, Anti Money Laundering,
etc.
The company has a structured risk reporting mechanism to ensure risks
are monitored and reviewed by CRO, Senior Management, Risk Management Committee and Board
on a periodic basis.
INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY
Your Company has an Internal Control System which is commensurate with
the size, scale and complexity of its business operations.
For effective risk management and control, the Company has established
structures and responsibilities in line with the "Three Lines of Defense" model,
where 1st line is the business operations, 2nd line is the oversight functions like Risk
Management and Compliance and 3rd line is Internal Audit. To maintain its objectivity and
independence, the Internal Audit department reports to the Audit Committee of the Board.
The Internal Audit department monitors and evaluates the efficacy and adequacy of the
internal control system in the Company, its compliance with operating systems, accounting
procedures and policies. Based on the report of the Internal Auditor, process owners
undertake corrective action in their respective areas and thereby strengthen the controls.
The Internal Audit department follows up on pending audit issues and ensures that
corrective actions have been taken. Audit observations, if any, and corrective actions
thereon, are presented to the Audit Committee of the Board.
CORPORATE GOVERNANCE
Your Directors wish to reiterate your Company's commitment to the
highest standards of corporate governance to enhance trust of all its stakeholders. Strong
& robust corporate governance practices have facilitated your Company in standing up
to the continued scrutiny of domestic & international investors and that of various
Regulatory authorities.
The report on Corporate Governance as stipulated under Regulation 34(3)
read with Para C of Schedule V of the Listing Regulations is presented in a separate
section forming part of this Report.
A certificate from the Statutory Auditors of the Company i.e. M/s. S.
R. Batliboi & Co. LLP, Chartered Accountants, conforming compliance to the conditions
of Corporate Governance as stipulated under Para E of Schedule V of the Listing
Regulations, is enclosed with Corporate Governance Report.
VIGIL MECHANISM
In accordance with Section 177 of the Act and Listing Regulations, the
Company has formulated a Vigil Mechanism to address the genuine concerns, if any. The
Whistle Blower policy can be accessed on the Company's website at https://
mf.nipponindiaim.com/InvestorServices/Pages/Investor- Policies.aspx.
The Company encourages directors, employees and other stakeholders to
report concerns without any fear of victimization or retaliation and provide a framework
for appropriate investigation and redressal of such concerns.
It is affirmed that no person has been denied access to the Chairperson
of the Audit Committee.
CORPORATE SOCIAL RESPONSIBILITY
As part of its initiatives under Corporate Social Responsibility
("CSR"), your Company has undertaken projects in the areas of promoting
healthcare, education, and rural development in accordance with Schedule VII to the Act.
The Annual Report on CSR activities along with the executive summary
for Impact Assessment Reports of the applicable projects, in accordance with the Companies
(Corporate Social Responsibility Policy) Rules, 2014, as amended, is annexed herewith as Annexure
A and the complete Impact Assessment Reports of the applicable projects are available
on the Company's website at https://mf.nipponindiaim. com/csr/.
SUBSIDIARIES & ASSOCIATE COMPANY
As on March 31,2026, your Company had two (2) subsidiaries. One of such
subsidiaries is in overseas i.e., in Singapore and other one is in India. Both the
subsidiaries of the Company are engaged in financial services and related activities. In
addition, your Company also has an associate company in India, which has already
surrendered its business license/ regulatory approval to act as a Pension Fund Manager.
This particular Company currently has no business operations, and it is therefore proposed
to be wound up, in accordance with the applicable laws.
A statement w.r.t. the performance and the financial position of the
subsidiary companies is presented in the Management Discussions and Analysis Report
forming part of this Annual Report. The policy for determining material subsidiary
companies may be accessed on the Company's website at
https://mf.nipponindiaim.com/InvestorServices/ Pages/Investor-Policies.aspx.
The annual accounts of the subsidiary companies are placed on the
website of the Company. Pursuant to Section 129(3) of the Act, a statement containing
salient features of the financial statements of the subsidiary and associate companies in
the prescribed Form AOC-1 forms part of this Annual Report.
Except for the above subsidiaries, your Company does not have any other
subsidiary or an associate company or a joint venture during the year under review.
KEY MANAGERIAL PERSONNEL
During the year under review, the following employees were the 'Key
Managerial Personnel' of the Company:
a) Mr. Sundeep Sikka - Managing Director & Chief Executive Officer
("MD & CEO")*;
b) Mr. Ajay Patel - Manager**;
c) Mr. Valde Varghese - Company Secretary & Compliance Officer; and
d) Mr. Parag Joglekar - Chief Financial Officer
‘Appointed as the Managing Director and Chief Executive Officer of
the Company with effect from April 22, 2026 for a fresh term of five (5) years (previously
Executive Director Chief Executive Officer upto April 21,2026).
**ceased as the Manager w.e.f. close of business hours on January 2,
2026.
DIRECTORS
In accordance with the provisions of Section 152 of the Act read with
the Companies (Appointment and Qualifications of Directors) Rules, 2014 and the Articles
of Association of the Company, Mr. Minoru Kimura (DIN: 07497568), Non-
Executive Director of the Company [Nominee of Nippon Life Insurance
Company, Promoter of the Company ("NLI")], is liable to retire by rotation at
the upcoming AGM of the Company scheduled to be held on July 8, 2026, and being eligible
has offered himself for re-appointment. Necessary proposal for his re-appointment will be
placed for your approval at the upcoming AGM. The brief resume and other related
information have been detailed in the Notice convening the AGM of the Company. The Board
of Directors recommends his re-appointment as Non-Executive Director of the Company.
During the year under review, Mr. Tomohiro Yao (DIN: 08429687) ceased
to be a Non-Executive Director of the Company (Nominee of NLI) w.e.f. April 28, 2025, on
account of resignation due to change in management team of NLI. The Board of Directors of
the Company at its meeting held on April 28, 2025, based on the recommendation of the
Nomination and Remuneration Committee ("NRC"), approved the appointment of Mr.
Kosuke Kuroishi (DIN: 11069118) as an Additional (Non-Executive) Director of the Company
(Nominee of NLI). Thereafter, the appointment of Mr. Kuroishi as a Non-Executive Director
(Nominee of NLI), liable to retire by rotation, was approved by the Shareholders of the
Company at the AGM held on July 18, 2025.
During the year, the Board of Directors of the Company at its meeting
held on April 28, 2025, based on the recommendation of the Nomination and Remuneration
Committee ("NRC"), approved the re-appointment of Mr. Ashvin Parekh (DIN:
06559989) as an Independent Director of the Company for a second term of five (5)
consecutive years with effect from August 1, 2025. The re-appointment of Mr. Parekh was
approved by the shareholders at the AGM held on July 18, 2025.
The Board of Directors of the Company at its meeting held on October
30, 2025, based on the recommendation of the NRC approved the appointment of Mr. Sundeep
Sikka (DIN: 02553654), Executive Director and Chief Executive Officer as the Managing
Director & Chief Executive Officer ("MD& CEO") of the Company, for a
fresh term of 5 (five) years with effect from April 22, 2026 to April 21, 2031, not liable
to retire by rotation. The appointment of Mr. Sikka as the MD & CEO of the Company was
approved by the Shareholders of the Company vide Postal Ballot on January 9, 2026.
Further, the Board of Directors of the Company at its meeting held on
January 29, 2026, based on the recommendation of the NRC approved the re-appointment of
Mr. Balasubramanyam Sriram (DIN: 02993708) as an Independent Director of the Company for a
second term of five (5) consecutive years with effect from March 15, 2026. The
re-appointment of Mr. Sriram was approved by the Shareholders of the Company vide Postal
Ballot on March 7, 2026.
Post the year under review, Mr. Kosuke Kuroishi ceased to be a
Non-Executive Director of the Company (Nominee of NLI) w.e.f. April 27, 2026, on account
of resignation due to change in management team of NLI and General Ved Prakash Malik
(Retd.) (DIN: 00006628), ceased to be an Independent Director of the Company w.e.f. close
of business hours on April 21, 2026 upon completion of his second term as an Independent
Director of the Company.
The Board of Directors of the Company placed on record its sincere
appreciation for the valuable contribution and guidance provided by General Malik and Mr.
Kuroishi during their association with the Company as Directors.
Also, the Board of Directors of the Company at its meeting held on
April 27, 2026, based on the recommendation of the NRC, approved the appointment of Mr.
Hironao Kunita (DIN: 11679042) as an Additional (Non-Executive) Director of the Company
(Nominee of NLI) w.e.f. April 27, 2026 to hold office up to the date of the ensuing AGM of
the Company, and thereafter, subject to the approval of the shareholders of the Company,
as a Non-Executive Director of the Company (Nominee of NLI), liable to retire by rotation.
The resolution for aforesaid appointment along with the brief profile and other related
information of Mr. Hironao Kunita form part of the Notice convening the AGM of the
Company. The Board of Directors recommends his appointment as a Non- Executive Director of
the Company (Nominee of NLI).
All the Independent Directors of your Company have already furnished
the required declarations that they meet the criteria of independence as laid down under
Section 149(6) of the Act and Listing Regulations.
In terms of Section 150 of the Act read with Rule 6(3) of the Companies
(Appointment and Qualifications of Directors) Rules, 2014, all Independent Directors of
the Company have confirmed that they have registered themselves with the databank
maintained by the Indian Institute of Corporate Affairs, Manesar ("IICA").
Further, in terms of Rule 6(4) of the Companies (Appointment and Qualifications of
Directors) Rules, 2014, one (1) Independent Director has passed the Online Proficiency
Self-Assessment test conducted by IICA and the other three (3) Independent Directors were
not required to appear for the said test as required by IICA as they fulfil the exemption
criteria stipulated under Rule 6(4) of the Companies (Appointment and Qualifications of
Directors) Rules, 2014.
In the opinion of the Board, the Independent Directors possess the
requisite expertise, experience & proficiency and are people of high integrity and
repute. They fulfil the conditions specified in the Act and the Rules made thereunder and
Listing Regulations and are independent of the management.
All the directors of your Company have confirmed that they are not
disqualified for being appointed as directors pursuant to Section 164 of the Act.
PERFORMANCE EVALUATION OF DIRECTORS, BOARD AND COMMITTEES
Your Company has devised a policy for the performance evaluation of the
individual directors, Board and its Committees, which also includes the criteria for
carrying out the said performance evaluation. Pursuant to the provisions of the Act and
Regulation 17(10) of Listing Regulations and as prescribed in the stated policy of the
Board, the Board has carried out an annual performance evaluation of (i) its Chairperson
(ii) the Directors (independent and non- independent); (iii) itself (as a whole); and (iv)
its committees. The Board performance was evaluated based on inputs received from the
Board members after considering criteria such as Board composition and structure,
effectiveness of Board / Committee processes, and information provided to the Board, etc.
In terms of the requirements of the Act and Listing Regulations, a separate meeting of the
Independent Directors was also held during the year.
BOARD AND COMMITTEE MEETINGS
During the year ten (10) Board meetings were held, which includes three
(3) joint Board Meetings between the Board of the Company ("AMC") with the Board
of the Trustees as stipulated in SEBI Master Circular no. HO/24/13/11(1)2026-
IMD-POD-1/I/7602/2026 dated March 20, 2026 which was more than the minimum requirements
stipulated in the Master Circular.
Your Directors wish to inform that the functioning of the Board is
supplemented by various committees (Board committees and management committees), which
have been constituted from time to time, such as Audit Committee, Corporate Social
Responsibility Committee, Stakeholders Relationship Committee, Nomination and Remuneration
Committee, Risk Management Committee, Unit Holder Protection Committee, IT Strategy
Committee, Valuation Committee, Investment Committee, Risk and Compliance Committee,
Allotment Committee, Broker Empanelment Committee, Operating Committee, Stewardship
Committee, Proxy Voting Committee, Technology Committee, etc. to name a few. Each of the
aforesaid Committees has been constituted in order to ensure due compliance with the
applicable laws and to ensure that the highest levels of corporate governance are followed
and practiced. The minutes of the meetings of each of these Committees are duly placed
before the Board of Directors for noting and confirmation.
AUDIT COMMITTEE
In terms of the requirements of Section 177 of the Act, Regulation 18
of the Listing Regulations and Paragraph 7.1.2 of the Master Circular no.
HO/24/13/11(1)2026- IMD-POD-1/I/7602/2026 dated March 20, 2026, the Audit Committee of the
Company consists of six (6) members including a majority of Independent Directors. As on
date of this report, it comprises of four (4) Non-Executive Independent Directors of the
Company viz. Mr. Ashvin Parekh [Chairperson], Mrs. Sonu Bhasin, Mr. B. Sriram, Mr. Upendra
Kumar Sinha and two (2) Non-Executive Non- Independent Directors of the Company viz. Mr.
Minoru Kimura and Mr. Hironao Kunita as its members.
During the year, eight (8) meetings of the Audit Committee were held,
which includes two (2) joint Audit Committee meeting between the Audit Committee of the
AMC and the Audit Committee of the Trustees and one (1) meeting to interact with the
Statutory and Internal Auditors of the Mutual Fund Schemes without the engagement of
management of the AMC as stipulated in Master Circular no.
HO/24/13/11(1)2026-IMD-POD-1/I/7602/2026 dated March 20, 2026.
There have been no instances where the Board has not accepted any
recommendation of any Committee of the Board which is mandatorily required, during the
financialyear.
Other relevant details in this regard have been provided in the
Corporate Governance Report.
NOMINATION & REMUNERATION COMMITTEE
In terms of the requirements of Section 178 of the Act and Regulation
19 of the Listing Regulations, the Nomination and Remuneration Committee of the Company
consists of six (6) members including a majority of Independent Directors. As on date of
this report, it comprises of six (6) Directors out of which four (4) are Non-Executive
Independent Directors viz. Mrs. Sonu Bhasin, Mr. Ashvin Parekh, Mr. B. Sriram, Mr. Upendra
Kumar Sinha and two (2) Non-Executive Non-Independent Directors of the Company viz. Mr.
Minoru Kimura and Mr. Hiroki Yamauchi as its members.
During the year, five (5) meetings of the Nomination and Remuneration
Committee were held. Other relevant details in this regard have been provided in the
Corporate Governance Report.
In terms of the requirements under the Act and SEBI Listing
Regulations, your Company has in place a policy w.r.t. the director's appointment,
remuneration, criteria for determining qualifications, attributes, independence of a
director. The remuneration paid to the Directors, Key Managerial Personnel and Senior
Management is as per the Nomination and Remuneration Policy of the Company. The Nomination
and Remuneration Policy has been provided as Annexure B to the Board's Report and
is also placed on the Company's website at https://mf.nipponindiaim.com/
InvestorServices/Pages/Investor-Policies.aspx.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
In terms of the requirements of Section 135 of the Act, the Corporate
Social Responsibility ("CSR") Committee of the Company consists of four (4)
members. As on date of this report, it comprises of four (4) Directors out of which two
(2) are Non-Executive Non-Independent Directors of the Company viz. Mr. Hiroki Yamauchi
[Chairperson], and Mr. Hironao Kunita, one (1) Non-Executive Independent Director viz.
Mrs. Sonu Bhasin and one (1) Executive Director viz. Mr. Sundeep Sikka as its members.
During the year, three (3) meetings of the CSR Committee were held.
Other relevant details in this regard have been provided in the Corporate Governance
Report.
STAKEHOLDERS' RELATIONSHIP COMMITTEE
In terms of the requirements of Section 178 of the Act and Regulation
20 of the Listing Regulations, the Stakeholders' Relationship Committee of the Company
consists of three (3) members. As on date of this report, it comprises of three (3)
Directors of the Company out of which one (1) is Non-Executive Independent Director viz.
Mrs. Sonu Bhasin [Chairperson], one (1) is Non-Executive Non-Independent Director viz. Mr.
Hiroki Yamauchi and one (1) Executive Director of the Company viz. Mr. Sundeep Sikka as
its members.
During the year, two (2) meetings of the Stakeholders' Relationship
Committee were held. Other relevant details in this regard have been provided in the
Corporate Governance Report.
RISK MANAGEMENT COMMITTEE
In terms of the relevant requirements under the Listing Regulations and
Mutual Fund Regulations, the Company has constituted a Risk Management Committee of the
Board which consists of seven (7) members. As on date of this report, it comprises of six
(6) Directors of the Company out of which two (2) are Non-Executive Non-Independent
Directors viz. Mr. Hiroki Yamauchi [Chairperson] and Mr. Hironao Kunita, three (3) are
Non-Executive Independent Directors viz. Mr. Ashvin Parekh, Mr. Upendra Kumar Sinha and
Mr. B. Sriram, one (1) is Executive Director viz. Mr. Sundeep Sikka and the Chief Risk
Officer of the Company viz. Mr. Rishi Garg as its members.
During the year, four (4) meetings of the Risk Management Committee of
the Board were held. Other relevant details in this regard have been provided in the
Corporate Governance Report.
AUDITORS' OF THE COMPANY - STATUTORY AND INTERNAL
Statutory Auditors:
In terms of Section 139 of the Act read with the Companies (Audit and
Auditors) Rules, 2014, M/s. S. R. Batliboi & Co. LLP, Chartered Accountants, (ICAI
FRN: 101248W/W- 100022) were re-appointed as the Statutory Auditors of your Company for a
period of 5 continuous years i.e. from the conclusion of 28th AGM till the conclusion of
33rd AGM of the Company.
The Auditor's Report on the financial statements of the Company for the
financial year ended March 31, 2026 forms part of this Annual Report. The observations and
comments given by the Statutory Auditors in their report read together with notes on
financial statements are self-explanatory and hence does not require any further comments
in terms of Section 134 of the Act.
In terms of Section 143(12) of the Act, the said Auditors of the
Company have not reported any instance of fraud having taken place during the year under
review.
Internal Auditors:
M/s. Price Waterhouse & Co LLP, Chartered Accountants, were
appointed as the Internal Auditors of your Company for the financial year 2025-26.
AUDITORS OF THE SCHEMES OF NIPPON INDIA MUTUAL FUND - STATUTORY AND
INTERNAL
In accordance with the applicable provisions of law, the Company has
appointed Statutory and Internal Auditors for various Schemes of Nippon India Mutual Fund,
who periodically submit their reports, which are placed before the Audit Committee for
discussion, review and implementation of their recommendations.
Statutory Auditors:
M/s. Walker Chandiok & Co. LLP, Chartered Accountants were
appointed as Statutory Auditors of the Schemes of Nippon India Mutual Fund for the
financial year 2025-26.
Internal Auditors:
M/s. Price Waterhouse & Co LLP, Chartered Accountants were
appointed as Internal Auditors of the Schemes of Nippon India Mutual Fund and the
Portfolio Management Services division of the Company, for the financial year 2025-26.
SECRETARIAL STANDARDS
During the year under review, the Company has complied with the
applicable Secretarial Standards issued by the Institute of Company Secretaries of India.
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Act read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and
Regulation 24A of the Listing Regulations, M/s. Siroya BA and Associates, Practicing
Company Secretaries, (Firm Registration Number: P2019MH-074300), as Secretarial Auditors
of the Company for a term of five (5) consecutive years commencing from April 1, 2025 upto
March 31, 2030 to undertake the Secretarial Audit of the Company. In this regard, the
Report submitted by the Secretarial Auditor is annexed as Annexure C.
Your Directors are pleased to inform you that the report from the
Secretarial Auditors does not contain any qualifications or reservation or other adverse
remarks. In terms of Section 143(12) of the Act, the said Auditors of the Company have not
reported any instance of fraud having taken place during the year under review.
ANNUAL RETURN
Pursuant to Section 134(3)(a) and Section 92(3) of the Act read with
Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return
of the Company has been placed on the website of the Company and can be accessed at
https://mf.nipponindiaim.com/ AboutUs/FinancialReports/Pages/Annual-Return.aspx.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO Conservation of Energy:
The operations of the Company do not consume high levels of energy.
Adequate measures have been taken to conserve energy wherever feasible. Your Company uses
the latest technology and energy-efficient equipments. Your Company only uses LED lights
and 5-star air-conditioning for majority of offices. As energy cost forms a very small
part of the total costs, the impact on cost is not material.
Further, your Company has started sourcing renewable energy for the new
corporate office facility through Green Tariffs offered by the DISCOM.
Technology Absorption, Adaptation and Innovation:
At Nippon India Mutual Fund (NIMF), our commitment to a robust
digital-first approach is paramount and it is evident in our customer-centric, seamless,
and frictionless digital experiences. We continue to lead the industry's digital
transformation through innovative and cutting-edge initiatives. Here is an overview of
some key, needle-moving initiatives delivered in the year gone by:
Focus on Artificial Intelligence (AI)
The AI/ML initiatives have continued to drive significant enhancements
in campaign performance and customer engagement, now covering approximately ~2.5 Cr.
customers. Our ML-based propensity-to-buy campaigns have sustained strong momentum,
contributing INR 5,000 Cr.in incremental gross sales over the past twelve months (April
2025 to March 2026), reflecting improved targeting precision and conversion optimization
through advanced AI-powered insights.
Nippon GPT has expanded its organizational footprint, achieving high
adoption across employees, sales teams, and research functions. With enhanced vernacular
capabilities, the platform now processes many user queries daily, delivering substantial
productivity gains. AI-driven analytics have been scaled across the Equity, Fixed Income,
and Portfolio Strategy Research Teams, enabling faster insights, predictive modelling, and
data-driven decision- making. With enterprise-wide integration now complete, Nippon GPT
positions NAM India for accelerated digital transformation and operational excellence.
Infrastructure initiatives
During the fiscal year, NAM India undertook a comprehensive
organizational and technological transformation to enhance operational efficiency and
strengthen our market position. The company successfully executed a strategic technology
partnership transition to a leading tier-1 technology solutions provider, aligning with
our commitment to leveraging best-in-class technology solutions and cost optimization
initiatives.
In parallel, NAM India completed a significant server infrastructure
migration to a premier data center facility, establishing a robust primary hosting
environment complemented by leading cloud service providers for disaster recovery
solutions. This multi-cloud architecture ensures enhanced business continuity,
scalability, and operational resilience while maintaining stringent data security
standards.
The organization further consolidated its operational footprint through
the strategic relocation of our head office to a state-of-the-art commercial complex,
creating a modern, collaborative workspace that supports our evolving business
requirements and employee experience objectives. These transformation initiatives
collectively position NAM India with enhanced technological capabilities, improved
operational agility, and a strengthened foundation for sustainable growth in the
competitive marketplace.
Regulatory Compliance
During the fiscal year, NAM India achieved full compliance with SEBI's
Cybersecurity and Cyber Resilience Framework (CSCRF), successfully implementing all
mandated requirements ahead of the effective date. This included comprehensive
Vulnerability Assessment and Penetration Testing (VAPT), annual cyber audits, quarterly
cyber threat reporting, and establishment of robust incident response mechanisms aligned
with CERT-In guidelines, demonstrating our commitment to enterprise-wide cyber resilience.
In parallel, the company initiated the Inclusive Access and
Accessibility Program (IAAP) in response to SEBI's directives on disability inclusion.
This program establishes dedicated infrastructure, training, and policy frameworks to
enhance workplace accessibility for persons with disabilities, ensuring equitable
opportunities and aligning with SEBI's corporate governance standards for inclusive
practices.
These initiatives underscore NAM India's proactive regulatory
compliance and commitment to building a secure, inclusive, and resilient organization
positioned for sustainable growth.
DIGITAL ADOPTION AND INNOVATION:
NIMF Digital remained steadfast in its commitment to delivering
seamless, customer centric, and frictionless digital experiences, while simultaneously
advancing industrywide digital transformation through innovative and growth focused
strategies. The Digital Business function today acts as a powerful growth catalyst for the
organization—enhancing digital engagement, broadening distribution reach, optimizing
operational efficiency, unlocking data led insights, and empowering distributors across
the value chain.
The continued integration of advanced analytics and Artificial
Intelligence has enabled deeper personalization of customer journeys, allowing for more
contextual engagement, improved conversion, and stronger lifetime value. This, combined
with a mobile first approach, has significantly strengthened customer acquisition and
retention across digital channels, aligning with evolving investor behavior and increasing
preference for intuitive, always on digital interfaces.
Nippon India Mutual Fund (NIMF) built on its strong digital first
foundation to accelerate the growth of its Digital Business in FY26, firmly reinforcing
digital as a central driver of the organization's progress. Over 77% of new transactions
were generated through Digital Business assets and integrations, underscoring the
robustness, reach, and effectiveness of the Company's digital ecosystem at scale.
Nippon India Mutual Fund (NIMF) is leveraging several key technological
enablers and global partners to accelerate innovations, set industry benchmarks
futuristic, frictionless and friendly investor initiatives:
• Biometric Payments on Investor App: This allows investors
to authenticate transactions instantly using fingerprint or face ID.
• NRI KYC on Investor website: NRI KYC
can now be completed digitally, allowing non-resident investors to complete onboarding
remotely with ease.
• Ongoing Partner and Internal Team Engagement & Readiness:
We drive partner readiness through a structured, year-round capability-building
program with regular touchpoints.
• Simplified Feature Adoption: Bite-sized explainers,
including vernacular versions, simplify key functionalities, improve comprehension across
partner segments, and encourage higher and more confident platform adoption.
• Dedicated Social Presence for Gen Z: We became the first
AMC to launch a dedicated social media handle for Gen Z with InvestBae.
• Long Game Campaign: We launched the "Long Game"
campaign by blending mutual fund investing with nostalgic childhood games & making
financial conversations fun.
• Mom Influencer Campaigns: Through #MomsCanFinance, we aim
to empower women to invest confidently while fostering early financial discipline for the
next generation.
• Employee Generated Content (EGC): Employee Generated
Content brings a human, relatable lens to financial conversations.
• NIMF Google Case Studies: We were recognized for
leveraging AI Max Search to unlock incremental opportunities and using Full Funnel
Reporting.
• Moving Beyond Fund-Centric Communication to Aspirational
Engagement: Delivered via a 360? omnichannel approach with real-time triggers,
interactive formats, and deep-linked journeys.
• SIP Focused Hyper-personalized Retention
Strategy:
We drove a data-led initiative to reduce SIP churn and enable win-backs
through hyper-personalized lifecycle campaigns.
• Strengthening Digital Adoption Through WhatsApp & App
Push: App push notifications and deep-linked journeys, enabled with personalized,
behavior-driven engagement.
• AI/ML-Led Propensity Campaigns for Smarter Outreach: We
leveraged AI/ML for data-led approaches which helped us enabled timely, relevant outreach.
DRIVING ACCELEARTED GROWTH THROUGH DIGITAL BUSINESS
FY26 unfolded against a complex yet opportunity rich macroeconomic
backdrop. Globally, financial markets navigated persistent inflationary pressures,
evolving interest rate cycles, and rapid advancements in digital and AI technologies,
which continued to reshape customer expectations and operating models across industries.
Against this backdrop, Nippon India Mutual Fund (NIMF) built on its
strong digital first foundation to accelerate the growth of its Digital Business in FY26,
firmly reinforcing digital as a central driver of the organization's progress. Over 77% of
new transactions were generated through Digital Business assets and integrations,
underscoring the robustness, reach, and effectiveness of the Company's digital ecosystem
at scale.
PIONEERING DIGITAL EXCELLENCE AND INNOVATION
At Nippon, the Digital Business has consistently been at the
forefront of the industry, championing digital-first strategies. Its goal is to
deliver a seamless, inclusive, and intelligent investing experience that drives AUM
growth, enhances investor retention, and fosters digital trust within the mutual fund
ecosystem.
To further enhance digital experiences, key platform advancements were
introduced:
DIGITAL ENGAGEMENT AND USER GROWTH:
We are committed to innovation, shaping investor engagement through
data-led, insight-driven initiatives. As the industry evolves, we focus on
inclusion—simplifying investing, localizing communication, and addressing first- time
barriers. By staying culturally relevant and balancing experimentation with disciplined
execution, we aim to bring more of India confidently into the investment ecosystem.
NIMF works closely with Global Partners on innovative Campaigns to set
industry benchmarks and build futuristic, frictionless and friendly investor initiatives:
Dedicated Social Presence for Gen Z: We became the first AMC to launch
a dedicated Gen Z social presence with InvestBae, recognizing social media as their
primary platform for learning and discovery. Through relatable, education-led content on
Instagram and YouTube, we aim to nurture early investing behavior and long-term loyalty.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review, the Company earned foreign exchange
equivalent to Rs. 29.17 Cr (Previous Year: Rs. 25.66 Cr).
The Company spent foreign exchange equivalent to Rs. 20.32 Cr (Previous
Year: Rs. 12.47 Cr).
DIRECTORS' RESPONSIBILITY STATEMENT
As per the requirements of Section 134(5) of the Act, the Directors
confirm that -
(i) In the preparation of the annual accounts for the financial year
ended March 31, 2026, the applicable accounting standards have been followed and that
there are no material departures;
(ii) The Directors have selected such accounting policies in
consultation with the Statutory Auditors' and have applied them consistently and made
judgments and estimates that were reasonable and prudent so as to give a true and Fair
view of the state of affairs of the Company as at March 31,2026 and of the profit of the
Company for the year under review;
(iii) The Directors have taken proper and sufficient care to the best
of their knowledge and ability for the maintenance of adequate accounting records in
accordance with the provisions of the Act, for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(iv) The Directors have prepared the annual accounts of the Company on
a 'going concern' basis;
(v) The Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and were
operating effectively;
(vi) The Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems are adequate and
operating effectively.
CONTRACT AND ARRANGEMENTS WITH RELATED PARTIES
All contracts/ arrangements/ transactions entered into/ by the Company
during the financial year under review with related parties were on an arm's length basis
and in the ordinary course of business. There were no materially significant related party
transactions which could have potential conflict with the interest of the Company at
large. During the year, the Company had not entered into any contract / arrangement /
transaction with related parties which could be considered material in accordance with the
policy of the Company on materiality of related party transactions.
All Related Party Transactions were placed before the Audit Committee
for approval. Prior omnibus approval of the Audit Committee was obtained for the
transactions which were of a repetitive nature. The transactions entered into pursuant to
the omnibus approval so granted were reviewed and statements giving details of all related
party transactions were placed before the Audit Committee and the Board of Directors for
their review on a quarterly basis. The policy on Related Party Transactions as approved by
the Board is uploaded on the Company's website at the following link:
https://mf.nipponindiaim.com/InvestorServices/Pages/ Investor-Policies.aspx.
During the year, there was no material transaction with any related
parties as per the Related Party Transactions Policy of the Company or any other related
party transaction entered into by the Company that requires disclosure in Form AOC-2,
hence, disclosure in Form AOC-2 is not applicable to the Company.
Your Directors draw attention of the members to Note No. 29 to the
financial statement which sets out related party disclosures
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators/
Courts which would impact the going concern status of the Company and its future
operations.
DETAILS OF APPLICATION MADE BY THE COMPANY OR ANY PROCEEDING PENDING
UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR ALONGWITH THEIR STATUS AS
AT THE END OF THE FINANCIAL YEAR
A petition was filed on behalf of Reserve Bank of India to initiate
insolvency process against Dewan Housing Finance Limited ("DHFL") in 2019.
Certain schemes of Nippon India Mutual Fund had invested in the debentures issued by DHFL.
Post successful resolution of DHFL, avoidance applications were filed by the Administrator
against certain banks, financial institutions, mutual funds, asset management companies
including Nippon Life India Asset Management Limited for setting aside certain
transactions. These applications are pending before NCLT, Mumbai.
The Portfolio Management Services Division of the Company has filed:
(a) IBC proceedings against Fortuna Buildcon India Private Limited were
initiated in November 2017 before the NCLT, Bangalore and the Resolution Plan was approved
by the NCLT vide order dated 18th December 2024. Pursuant to Resolution Plan, Company
received payments in June 2025. The said received amounts were distributed to the
investors. IBC (Personal Insolvency) proceedings were filed in NCLT against the surviving
brother of the key deceased promoter and the legal heirs of the key deceased promoter.
NCLT dismissed the matter against the legal heirs of the key deceased promoter against
which an application is filed before NCLAT, Chennai. The hearings are underway. As regards
the surviving brother, NCLT admitted the matter vide order dated 30th July 2024. The
Personal Insolvency process is currently underway.
(b) IBC proceedings filed against Green Valley Shelters Private Limited
("Green Valley") in December 2019, before NCLT, Chennai, was admitted in August
2021. Pursuant to the approval and implementation of the Resolution Plan, the Company has
received payments in accordance therewith.
(c) An operational creditor had filed IBC proceedings against Veracious
Builders and Developers Private Limited ("Veracious") in June 2019, before NCLT,
Bangalore, which was admitted in July 2019. Liquidation proceedings were ordered against
Veracious in August 2020. The Company has sold all the units belonging to the Developer's
share under the Liquidation process. The Liquidator has filed an application for
Dissolution in NCLT, and the matter is reserved for orders.
OTHER DISCLOSURES
• There was no change in the nature of the business of the
Company.
• There was no revision in the financial statements of the
Company.
• During the year, there was no receipt of any remuneration or
commission by the MD & CEO of the Company from its Holding Company and Subsidiary
Company.
• There was no instances of deviation(s) / variation(s) in
utilization of IPO proceeds.
• Your Company has not made any downstream investment during FY
2025-26.
• Disclosure pertaining to maintenance of cost records as
specified by the Central Government under sub-section (1) of Section 148 of the Act, is
not applicable to your Company.
• There is no loan taken by the Company hence disclosure with
respect to one-time settlement entered into with any Bank or financial institutions does
not arise.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
As on March 31, 2026, your Company had 1,142 employees and for the
previous year, your Company had 1,104 employees. Disclosures relating to the remuneration
and other details as required under Section 197(12) of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended,
also form part of this Report. However, having regard to the provisions of Section 136(1)
of the Act, the Annual Report excluding the aforesaid information is being sent to all the
members of the Company and others entitled thereto. Any member interested in obtaining the
said information may write to the Company Secretary and upon such request the information
shall be furnished.
PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
Your Company has in place a Prevention of Sexual Harassment Policy in
line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention,
Prohibition & Redressal) Act, 2013. An Internal Complaints Committee ("ICC")
has been set up to redress complaints received regarding sexual harassment. All employees
(permanent, contractual, temporary, trainees) are covered under this Policy. Following is
a summary of sexual harassment complaints received, disposed off and pending during the
year:
• No. of complaints received: 0
• No. of complaints disposed off: 0
• No. of complaints pending for more than ninety days: 0
• No. of complaints pending as on end of the year: 0
COMPLIANCE WITH THE MATERNITY BENEFIT ACT
Your Company has in place Maternity Benefit Policy in line with the
requirements of the Maternity Benefit Act, 1961. During the year under review, your
Company has duly complied with the provisions of the said Act.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Pursuant to Regulation 34(2)(f) of Listing Regulations, top 1000 listed
entities by market capitalisation have to publish a Business Responsibility and
Sustainability Report ("BRSR"). BRSR for the year under review as stipulated
under Listing Regulations is presented in a separate section forming part of this Annual
Report. Further, the Company is in the process of obtaining report on assurance of the
BRSR Core, consisting of a set of Key Performance Indicators (KPIs) / metrics under nine
(9) Environmental, Social & Governance attributes for the financial year ended March
31, 2026 by M/s. S. R. Batliboi & Associates LLP, Chartered Accountants, and will be
forming part of this Annual Report.
AWARDS AND RECOGNITIONS
The FY 2025-26 awards are a testament to the dedication, innovation,
and excellence demonstrated by our teams and individuals. Each award reflects not just an
achievement but also the collective effort, collaboration, and forward- thinking approach
that define our organization.
ETF Excellence
Recognition at the Asia Asset Management ETF Awards highlights
our strong leadership in the ETF ecosystem, one of the most prestigious benchmarks in the
Asia-Pacific asset management industry.
Marketing & Communications
InvestBae Campaign - Silver IMA Awards 2025
Individual Achievements
• Abhinav Pandey - Top 5 AI Disruptors (Individual
Category) ET NOW 2025
• Arun Sundaresan - AAM ETF Awards 2026 Asia Asset
Management
Digital Business - Key Wins E4M Indian Marketing Awards 2026
• Silver - Age Targeted Market (InvestBae)
• Silver - Customer Experience (Portfolio Dashboard)
• Bronze - Marketing on a Small Budget (Jet, Set, Invest)
India Digital Awards 2026
• Gold - Best Use of WhatsApp for Investors & Distributors
• Gold - Innovation of the Year (Portfolio Dashboard)
• Gold - Business Easy - Empower Channel Partners
CII DX Awards 2025
• Gold - Operational Excellence
• Gold - Customer Excellence
• Silver - Service Excellence (WhatsApp Services &
Transactions)
Other Recognitions
• Best Storytelling in Digital Campaigns Fu Tech Summit &
Awards 2025
• Most Effective Email Campaigns Maddies'25
ACKNOWLEDGEMENTS
Your Directors wish to place on record their sincere appreciation for
the co-operation received from various regulatory and governmental authorities including
SEBI, RBI, Registrar of Companies, Maharashtra at Mumbai, PFRDA, NPS Trust, EPFO, CMPFO,
Stock Exchanges, Depositories, Custodians, Bankers, Registrar and Share Transfer Agent
Shareholders, Investors, and all other business constituents during the year under review.
We believe all of them have contributed to our continued growth.
Your Directors also wish to place on record their deep appreciation for
the total commitment displayed by all the executives, officers and staff, resulting in yet
another eventful performance for the year.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF NIPPON LIFE INDIA ASSET
MANAGEMENT LIMITED
Ashvin Parekh |
Sundeep Sikka |
| Independent Director |
Managing Director & |
| (DIN: 06559989) |
Chief Executive Officer |
|
(DIN: 02553654) |
| Place: Mumbai |
|
| Date: April, 27, 2026 |
|
|