Magma Fincorp Limited at board of directors meeting held on 31 January, 2020, appointed Mr. Deepak Patkar as the Chief Executive Officer of Asset Based Finance business of the Company. Mr. Patkar will assume new role with effect from February 1, 2020. Consequent upon his assuming new role, he will relinquish his office as Chief Risk Officer. The Company is in the process of identifying new incumbent for the role of Chief Risk Officer and shall intimate the appointment in due course.