Ikab Securities & Investment Limited at its board meeting held on March 10, 2022 approved the appointment of Mr. Subhash Sheoratan Mundra, as an Additional Non Executive Independent Director & Chairman of the Company with immediate effect & Mr. Madhusudan Kela as an Additional Director & Managing Director of the Company with immediate effect. The company approved the resignation of the following Directors from the Board: Mr. Indra Kumar Bagri as Chairman & Director; Mr. Anil Bagri as Director; Mr. Abhishek Bagri as Wholetime Director & Director; Mr. Prerit Damani as Independent Director & Director. Mr. S.S. Mundra_ retired as Deputy Governor of Reserve Bank of India on 30 July 2017 after completing a stint of three years.

Prior to joining RBI, Mr. Mundra also served on Boards of several . multi-dimensional companies like the Clearing Corporation of India Ltd. (CCIL), Central Depository Services (India) Ltd. (CDSL), BOB Asset Management Company, India Infrastructure Finance Corporation (UK) Ltd. (IIFCL), IndiaFirst Life Insurance Company Ltd., Star Union Dai-Ichi Life Insurance Company Ltd., National Payments Corporation of India Ltd., etc. Madhusudan Kela is currently the promoter of a proprietary investment vehicle started in 2018 "MK VENTURES" which is a_ boutique proprietary investment firm focussed on alpha opportunities.

He is also on the committees of CII, FICCI and SIDBI. He is also a partner in a couple of other firms /LLP and hold substantial interest in other two Companies.