Max Financial Shareholding Pattern for Dec 2025 - Promoter, FII, DII, Mutual Fund holding

Max Financial shareholding pattern - Promoter holding and pledges, FII, DII, Mutual Fund holding change for the Dec 2025 quarter.

Quarter Ending

Summary	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Jun 2023
Promoter	1.3%	1.3%	1.7%	1.7%	1.7%	3.3%	3.3%	6.5%	6.5%	6.5%	6.5%	10.2%
Holding	1.3%	1.3%	1.7%	1.7%	1.7%	3.3%	3.3%	6.5%	6.5%	6.5%	6.5%	10.2%
Pledged	42.07%	0.0%	0.0%	0.0%	28.67%	0.0%	0.10%	72.64%	69.15%	59.57%	58.68%	93.31%
Locked	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FII	47.9%	45.1%	44.8%	44.7%	44.8%	47.5%	46.2%	46.6%	47.7%	50.9%	51.5%	48.5%
DII	44.7%	47.4%	47.3%	47.3%	47.3%	42.7%	44.0%	40.7%	39.9%	36.9%	35.1%	34.3%
Mutual Funds	36.99%	39.49%	38.66%	39.24%	39.88%	34.95%	36.50%	34.69%	34.59%	31.93%	30.27%	30.19%
Banks	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Insurance	6.19%	6.13%	6.56%	6.25%	5.84%	6.23%	6.19%	5.42%	4.82%	4.13%	3.79%	3.09%
Others	1.56%	1.73%	2.04%	1.80%	1.57%	1.51%	1.30%	0.63%	0.51%	0.83%	1.03%	1.06%
Public	6.1%	6.3%	6.2%	6.3%	6.2%	6.5%	6.4%	6.1%	5.8%	5.7%	6.9%	7.1%
Others	0.0%	0.0%	0.0%	0.0%	0.0%	0%	0.0%	0%	0.0%	0.0%	0%	0%

Holding Dec 2025		Holding Sep 2025		Holding Dec 2024		History
%	shares	%	shares	%	shares	History
1.25	4,316,256	1.71	5,916,256	3.34	11,516,256

Name	Holding Dec 2025		No of holders	Indian/Foreign	History
Name	%	shares	No of holders	Indian/Foreign	History
Individuals / Hindu Undivided Family	0.09	320,333	3	Indian
Analjit singh	0.03	110,000	-	Indian
Piya singh	0.03	110,333	-	Indian
Tara singh vachani	0.03	100,000	-	Indian
Any Other (specify)	1.16	3,995,923	1	Indian
Max ventures investment holdings private limited	1.16	3,995,923	-	Indian

Holding Dec 2025		Holding Sep 2025		Holding Dec 2024		History
%	shares	%	shares	%	shares	History
92.48	319,180,936	92.04	317,651,245	90.19	311,279,995

Name	Holding Dec 2025		No of holders	History
Name	%	shares	No of holders	History
Mutual Funds	39.49	136,300,792	38
Hdfc mutual fund - hdfc nifty large mid cap 250 index fund	9.13	31,494,103	-
Nippon life india trustee ltd a/c nippon india nifty 500 low vol 50 index	5.62	19,388,695	-
Kotak mahindra trustee co ltd a/c kotak nifty 500 momentum 50 index fund	3.29	11,354,770	-
Dsp nifty midcap 150 index fund	3.14	10,840,677	-
Icici prudential quality fund	2.99	10,326,906	-
Sbi nifty200 momentum 30 index fund	2.46	8,477,473	-
Aditya birla sun life trustee private ltd a/c - aditya birla sun life bse 500 momentum	1.85	6,395,253	-
Invesco india arbitrage fun	1.44	4,977,128	-
Uti quant fund	1.29	4,455,938	-
Foreign Portfolio Investors Category I	22.15 *	76,445,019	324
Smallcap world fund, inc	2.52	8,692,157	-
Foreign Portfolio Investors Category II	1.12 *	3,865,457	22
Vanguard total international stock index fund	1.12	3,850,282	-
Kotak funds - india midcap fund	1.10	3,809,000	-
Polar capital funds plc - emerging market stars fund	1.07	3,694,061	-
Vanguard emerging markets stock index fund, a series of vanguard int eq	1.03	3,552,360	-
Other Financial Institutions	0.00	1,500	2
Banks	0.00	825	2
Insurance Companies	6.13	21,143,903	18
Hdfc life insurance company ltd -shareholders solvency margin acco	2.11	7,277,603	-
Sbi life insurance co. ltd	1.72	5,927,343	-
Foreign Direct Investment	21.86	75,458,088	1
Mitsui sumitomo insurance company limited	21.86	75,458,088	-

Holding Dec 2025		Holding Sep 2025		Holding Dec 2024		History
%	shares	%	shares	%	shares	History
6.26	21,617,579	6.24	21,547,270	6.47	22,318,520

Name	Holding Dec 2025		No of holders	History
Name	%	shares	No of holders	History
Individual share capital in excess of Rs. 2 Lacs	0.37	1,289,575	5
Individual share capital upto Rs. 2 Lacs	4.15	14,331,615	70,888
Any Others (Specify)	0.61	2,113,320	37
Trusts	0.60	2,057,726	-
Clearing members	0.01	18,049	-
Unclaimed or suspense or escrow account	0.01	37,545	-
Bodies Corporate	0.55	1,884,099	1,336
Non Resident Indians (NRIs)	0.33	1,146,596	2,914
Investor Education and Protection Fund (IEPF)	0.25	845,556	1
Foreign Companies	0.00	1,200	1