Niva Bupa Health Insurance Board Shakeup: Milind Barve Resigns; Ashwani Bhatia Appointed as Additional Director
Niva Bupa Health Insurance Company Ltd has announced changes in its Board of Directors, confirming the resignation of an independent director and approving the appointment of a seasoned finance professional.Mr. Milind Gajanan Barve, who served as an Independent Director, tendered his resignation due to persistent health issues. His resignation was effective from the close of business hours on June 02, 2026. Consequently, Mr. Barve will also cease to be the Chairman of the Board from that date.
The company announced the appointment of Mr. Ashwani Bhatia as an Additional Director in the capacity of Non-Executive, Independent Director, effective June 03, 2026. This decision was made following a resolution passed by the Board of Directors and is subject to shareholder approval.
Simultaneously, the Board approved Mr. Bhatia's appointment as Chairperson of the Board, which is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI).
Transitioning Board Roles
The changes represent a transition in directorial roles and appointments within the company. The following table details the changes:| Aspect | Resigning Director (Mr. Milind Gajanan Barve) | Appointed Director (Mr. Ashwani Bhatia) |
|---|---|---|
| Role | Independent Director / Chairman of the Board | Additional Non-Executive, Independent Director / Chairperson of the Board |
| Cessation/Appointment Date | June 02, 2026 | June 03, 2026 |
| Term | N/A | Five (5) consecutive years |
Profile of New Appointment
Mr. Ashwani Bhatia brings over four decades of experience in financial markets and banking. His professional background includes serving as a Whole-Time Member at the Securities and Exchange Board of India from June 2022 to May 2025, specializing in Corporate Finance, Department of Debt and Hybrid Securities, and Corporate Finance Investigation.Before his tenure with SEBI, Mr. Bhatia spent 37 years with the State Bank Group. He joined the State Bank of India (SBI) as a Probationary Officer in 1985 and served in leadership roles, including Managing Director (Corporate Banking & Global Markets). Prior to this, he held the position of Managing Director and CEO at SBI Funds Management Limited.
Mr. Bhatia holds a Bachelor of Science (Physics & Mathematics) from Dayalbagh University, Agra, and an MBA from Podar Institute of Management, Jaipur.
Previous Directorships Held by Mr. Barve
As part of the transition, details were provided regarding Mr. Barve's directorships in other listed entities. These include:| Listed Entity | Category of Directorship | Committee Roles/Chairmanships |
|---|---|---|
| Marico Limited | Independent Director | Audit Committee (Chairman), Risk Management Committee (Chairman), Stakeholders Relationship Committee (Chairman), Lead Independent Director (Chairman) |
NIVABUPA Stock Price Movement
Niva Bupa Health Insurance Company Limited shares today slipped by 0.06% to settle at ₹83.98 after closing on the stock exchange. The equity recorded a total traded volume of 667,617 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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