SBI Cards appoints Chander Kant as EVP & Head‑Internal Audit for three years

What SBI Cards announced

On 22 June 2026, the Board of Directors of SBI Cards and Payment Services Ltd approved the appointment of Mr Chander Kant as Executive Vice President (EVP) & Head‑Internal Audit. The appointment is for a three‑year term and will be effective 1 July 2026. Concurrently, the board accepted the resignation of the incumbent EVP & Head‑Internal Audit, Mr Ved Prakash, whose tenure will conclude at the close of business on 30 June 2026.

"The Board has approved the appointment of Mr Chander Kant as EVP & Head‑Internal Audit for a period of 3 years with effect from July 01 2026."

The resolution was filed with the Bombay Stock Exchange (BSE) under Regulation 30 (Board‑related matters) and Regulation 51 (Senior‑management changes) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment details

• Appointee: Mr Chander Kant
• Position: Executive Vice President & Head‑Internal Audit
• Term: 3 years (1 July 2026 – 30 June 2029)
• Effective date: 1 July 2026
• Reporting: The EVP will report to the Board’s Audit Committee and the Chief Executive Officer.

The filing does not disclose the compensation package, share‑based awards, or any performance‑linked incentives associated with the appointment.

Transition of leadership

Mr Ved Prakash, who has been serving as EVP & Head‑Internal Audit, will demit office after completing his contractual term on 30 June 2026. The board’s resolution notes that his departure is in line with the scheduled end‑of‑term and does not indicate any premature termination or resignation.

No further information on the outgoing executive’s post‑employment arrangements or severance was provided.

Key facts at a glance

Why this matters for investors

The appointment of a senior internal‑audit executive is a routine corporate‑governance matter but carries material relevance for shareholders. The internal audit function oversees risk management, compliance, and the effectiveness of internal controls—areas that directly affect the reliability of financial reporting. A change in leadership may lead to adjustments in audit scope, methodology, or reporting cadence, which could influence the Board’s oversight processes. Since the filing does not disclose remuneration, investors cannot assess any immediate dilution or expense impact, but the three‑year tenure suggests a medium‑term continuity plan for the audit function.

Conclusion

SBI Cards has formally appointed Mr Chander Kant as its new EVP & Head‑Internal Audit, with a three‑year mandate beginning 1 July 2026. The transition follows the scheduled exit of Mr Ved Prakash on 30 June 2026. The filing satisfies SEBI’s disclosure requirements; no further shareholder approvals or regulatory clearances appear to be pending.