In an exchange filing, the company stated that Periasamy has stepped down to pursue other career opportunities.
Following his resignation, and based on the recommendation of the nomination and remuneration committee, the board has approved the appointment of Vijay Mohan Reddy as the new chief compliance officer. His appointment is effective from 18 September 2025, for a period of three years, ending on 17 September 2028.
The appointment has been made in accordance with the Reserve Bank of India’s guidelines under the Scale Based Regulation (SBR) framework issued on 22 October 2021, and subsequent RBI notification on compliance functions dated 11 April 2022.
Reddy holds a Master’s degree in Law and is a Fellow Member of the Institute of Company Secretaries of India. He brings over 18 years of experience in legal, secretarial, and compliance functions across leading NBFCs and microfinance institutions, including Bharat Financial Inclusion (formerly SKS Microfinance), TruCap Finance, and Spandana Sphoorty itself.
He has played a key role in regulatory compliance and capital market activities such as IPO preparation, QIP issuance, and listing of debt securities. His experience also includes implementing regulatory frameworks under SEBI, RBI, Companies Act, FEMA, and managing interactions with regulators.
The company confirmed that Reddy is not related to any director on the board.
Spandana Sphoorty Financial is primarily engaged in the business of microfinance, providing small-value unsecured loans to low-income customers in semi-urban and rural areas.
The company’s consolidated net profit jumped 44.6% to Rs 202.48 crore on 13.3% rise in revenue from operations to Rs 2,098.97 crore in Q1 FY26 over Q1 FY25.