The Board Mahindra & Mahindra Financial Services at their meeting held on 14 December 2023 have approved undertaking supplemental business activity of soliciting and procuring insurance business as a Corporate Agent (composite) in the areas of life, health and general insurance- both group and individual, which shall be subject to obtaining necessary approvals from Insurance Regulatory and Development Authority of India (IRDAI) and no-objection from RBI / other regulatory authorities as may be required.

Consequent to the above, the Board have approved alteration to the objects clause of the Memorandum of Association (MOA) of the Company to inter alia insert an authorization for soliciting and procuring insurance business as a Corporate Agent, subject to the approval of the shareholders of the Company via special resolution.