At its meeting of the Board of Directors held on July 15, 2025, HDFC Life Insurance Company Limited announced, on the recommendation of the appointment and remuneration committee, that the Council took note and approved the following changes concerning the main managers, namely the Secretary General and the Compliance Manager:
Following a clarification received from the Authority for the Regulatory and Development of Insurance in India (IRDAI) and in accordance with the principles set out in the key circular on corporate governance intended for insurers, published by IRDAI, which notably requires the separation of key management functions, Mr. Narendra Gangan, currently legal director, responsible for compliance and general secretary, will cease to exercise July 16, 2025. Mr. Gangan will continue to assume the roles of legal director and compliance manager in accordance with IRDAI regulations.
Mr. Nagesh Pai, main vice-president, secretariat & conformity, was appointed secretary general (key manager) and compliance responsible, in accordance with the rating regulations of the SEBI and SEBI (Regulation on the prohibition of initiate crimes), from July 17, 2025. Reason for this change: separation of the functions of conformity and secretariat, in accordance with the IRDAI Circular insurers. Mr. NAGESH PAI has been associated with HDFC LIFE since July 2012 and has more than 20 years of experience in the financial services sector.
He has solid expertise in the fields of corporate secretarial practices, regulatory compliance and corporate governance, having collaborated closely with the regulatory authorities throughout his career. He previously held the post of secretary general & compliance manager at HDFC Pension Fund Management Company Limited from April 2013 to May 2024. Before joining HDFC Life, he was part of the Cotation Department at the National Stock Exchange.
He is a graduate secretary general and holder of a law degree from the University of Mumbai.