Board of Directors

Rajeev Dubey

Principal Advisor, Mahindra & Mahindra Ltd.


Chairman Mahindra Insurance Brokers Ltd.


Rajeev Dubey was the Group President (HR & Corporate Services) & CEO (After-Market Sector), Member of the Group Executive Board, Mahindra & Mahindra Ltd when he retired from the Mahindra Group on reaching the age of superannuation on 1st April 2020.

Given his long and rich experience, Rajeev has been appointed in a non-executive role as Principal Advisor till 31st March 2021 and will be a Group resource available to all Group companies for consultation and assistance on people / business issues. He will also continue to be the Chairman of Mahindra Insurance Brokers, Mahindra Steel Service Centres, Mahindra First Choice Wheels, Mahindra First Choice Services, and Fifth Gear Ventures and, serve on the Boards of Mahindra Intertrade, Mahindra Auto Steel and Mahindra Electrical Steel.

Rajeev has had a distinguished academic background. He studied Economics at St. Stephens College, Delhi University, where he was ranked first in the University, and at the Delhi School of Economics, where he received a National Scholarship. He went on to do his MBA from the Yale School of Management, USA as a J N Tata scholar, and was selected as a Distinguished Alumnus of the School. He is a certified coach of the International Coaching Federation (ICF), and holds a certificate in "Group Dynamics at the Board Level" from the Tavistock Institute, London.

He joined Mahindra & Mahindra Ltd. in January 2004 as an Executive Vice President and Member of the Group Management Board, after a career spanning 29 years in the Tata Group, which he joined in 1975 as a member of the TAS, the central managerial cadre of the Tata Group. He spent 21 years with Tata Steel, and the next 7 years as CEO first of Tata Metaliks and then of Rallis India.

In the past 16 years that he has been associated with us, his key focus areas were Human Capital initiatives of the Group, the After-Market businesses whose CEO’s reported to him, Group Communications, Government Relations, CSR and Infrastructure. He served on the Boards of several Group companies including Mahindra Retail and Ssangyong Motors Korea. He was Chairman of the Group CSR Council and the Corporate Governance Cell, Member of the Governing Council of the Mahindra Institute of Quality and of the Advisory Board of Bristlecone USA.

Rajeev has overseen our strong focus on core values, culture and people development through the human capital structures, process and initiatives of the Group, and has also played an important role in enabling Mahindra Rise take centre-stage in shaping the people and business philosophy at Mahindra. In addition, he has been at the helm of affairs of the After-Market Sector since its foundation in April 2008 and has guided the two First Choice companies through their exponential growth.

Rajeev is a Member of the Governing Body of the International Labour Organization (ILO), Geneva and serves on the Board of the International Organization of Employers (IOE), Geneva, where he is also the Chairperson of the Future of Work Policy Group. He was a Member of the National Executive Council and the Steering Committee of FICCI (Federation of the Indian Chambers of Commerce and Industry) and was Chairman of their HR Committee. He also serves as a Core Member of the Council of Global Advisors of the Yale School of Management, USA, the Advisory Board of Konecranes India and is a Past President of the National Human Resource Development Network (NHRDN) and the Employers’ Federation of India (EFI).


Ramesh Iyer

Vice-Chairman and Managing Director, MMFSL

President - Financial Services Sector and

Member of the Group Executive Board of the Mahindra Group


Ramesh is the Managing Director of Mahindra & Mahindra Financial Services Limited (MMFSL), which is in the business of financial services for the last 19 years.

He has been associated with MMFSL from its inception.

Ramesh is also on the Board of other Mahindra Group Companies like Mahindra First Choice Wheels Ltd., NBS International Ltd., Mahindra Rural Housing Finance Ltd., Mahindra First Choice Services Ltd., Mahindra Business and Consulting Services Private Limited, Mahindra & Mahindra South Africa (Pty.) Ltd. and Mahindra Finance USA LLC.

He is also member of Banking & Finance Committee of the Bombay Chamber of Commerce and Industry, Member of core committee of Finance Industry Development Council (FIDC), member of Task Force of NBFCs of Federation of Indian Chambers of Commerce and Industry (FICCI). Ramesh is also co-Chairman of the Group on Finance & Leasing and Insurance of the Council of Economic Affairs set up Society of Indian Automobile Manufacturers (SIAM). He is also a member of the CII National Committee on Financial Inclusion since 2011.

Ramesh has been a recipient of many awards - Indian Achievers Award (2010) for Corporate Leadership by Indian Achievers Forum, Business Leadership Award (2010) by the Institute of Economic Studies, New Delhi, CEO with HR Orientation Award (2010) by Employer Branding Institute, CMO Asia with their Strategic Partner CMO Council, Udyog Rattan Award (2009) by the Institute of Economic Studies, New Delhi, Rashtriya Udyog Pratibha Award (2009) by the Council for Economic Growth & Research, Pune, Bhartiya Udyog Ratna Award (2009) by the National Education & Human Resource Development Organisation, Bombay.

Ramesh Iyer has also featured in Business World's special report on India's Most 'Value'able CEOs. Ramesh Iyer is ranked at No. 5 out of 65 in the Mid-Sized Companies (Revenues: Rs. 1,000 – 3,000 crore) category and at No. 6 out of 65 in the same category based on One-Year Performance. He is also ranked at No. 20 out of 100 based on MMFSL's Five Year Performance and at No. 3 out of 12 based on Ranking by Sector in the Financial Sector of the Mahindra Group.

Vedanarayanan Seshadri

Managing Director and Principal Officer

Mahindra Insurance Brokers Limited


Mr Vedanarayanan Seshadri is the Managing Director and Principal Officer of Mahindra Insurance Brokers Ltd, the Insurance broking subsidiary of Mahindra Finance. Prior to joining Mahindra Insurance Brokers Ltd in Feb’21 , Mr Vedanarayanan was the President and COO for Cholamandalam MS General Insurance Co. Ltd .

Veda is a management professional with 28 years of overall experience of which 18 years have been in the BFSI sector handling various assignments in Retail Banking , Life and Non Life Insurance.

Starting his career with Eicher Motors Ltd in automotive sales, he worked with BILT ( Ballarpur Industries Ltd ) in business development & internal consulting roles before joining ICICI Bank in 2003 . In the retail Bank he worked in roles across both retail liabilities and assets and headed Product Development and Cross sell for the Mortgage business .

In 2007, he moved to Tata AIA Life Insurance handling several senior roles in Strategic planning , Partnership acquisition and heading the Eastern Zone for Tata AIA life . In 2012, Veda joined the non life company of the Murugappa Group, Chola MS General Insurance ltd as the Chief Marketing officer. In his 8 year stint with Chola MS, he built a strong retail franchise and handled multiple roles including setting up the Health Insurance SBU before taking over as President and COO in 2020.

An Engineer by profession, Veda has done his PGDM from MDI- Gurgaon and has also completed his Advanced Management Program (AMP) from INSEAD France.


Hemant Sikka

Non-Executive Director Mahindra Insurance Brokers Limited

President CPO, Powerol & Spares Business

Member of the Group Executive Board

Hemant Sikka is President of the Farm Equipment Sector of Mahindra & Mahindra Ltd and a member of Group Executive Board. He also oversees the Powerol Genset Business. Hemant also serves on the boards of several group companies.

Mahindra is a USD 20.7 bn federation of companies based in Mumbai, India, that employs more than 240,000 people in over 100 countries. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company; by volume. It also enjoys a strong presence in agribusiness, aerospace, commercial vehicles, components, defense, logistics, real estate, renewable energy, speedboats and steel, amongst other businesses.

Prior to this Hemant was President-Chief Purchase Officer and managed a spend of Rs. 35,000 Crs for the Auto & Farm Sectors and led the business of Genset & Spares. He was earlier Head Purchase - SsangYong Motors, South Korea, a group subsidiary of Mahindra and played a key role in the purchasing domain by building strong business relationships with Korean suppliers and led the SsangYong purchase team in significantly reducing material costs.

Before his assignment in SsangYong Motors, Hemant was Head Manufacturing - Automotive Sector. He focused on workmen involvement in improving quality and concluded long term wage agreements with workmen unions.

Previously spent 9 years with automobile company, Maruti Suzuki.

In 2013, he has been awarded the Procurement Excellence Award at the maiden Procurement Leaders Asia Pacific Awards in Singapore.

Hemant enjoys sports and watching movies. He lives in Mumbai with his wife and two daughters.

Mr. Vivek Karve

Non-Executive Director Mahindra Insurance Brokers Limited,

Chief Financial Officer of MMFSL and

Group Financial Services Sector

Vivek is a Chartered Accountant (1994), a Cost Accountant (1993) and a B. Com. from the University of Bombay (1991). He has over 25 years of rich experience across different sectors viz. Consumer goods, IT consulting and Project Finance during his stints at P&G, Siemens Information Systems and ICICI.

Before joining Mahindra Finance, for nearly 20 years, he has been with Marico Limited, a listed FMCG Company. In his last role as the Group CFO of Marico, he has successfully led various functions like Business Finance & Commercial, Treasury and Insurance, Investor Relations, Internal Audit and Governance, Risk & Compliance (GRC), Accounting & Payroll, Taxation and M&A.

Vivek has served as a member of FICCI's Corporate Finance Committee. He is currently a member of FICCI’s CFO Conclave.

Mr. Rajnish Agarwal

Non-Executive Director Mahindra Insurance Brokers Limited,

Executive Vice President – Operations,

Mahindra & Mahindra Financial Services Ltd

Mr. Rajnish Agarwal is a Graduate in Science from Lucknow University and has a Master's degree in Management Studies from Mumbai University. He is also a member of Steering Committee and Director in Mahindra Business & Consulting Services Private Limited.

He has over 21 years experience in retail credit auto loans, asset risk management, rural management, business and product development, channel and relationship management along with people management.

He has pursued short term courses in General Management and Business Leadership from reputed institutes such as Indian Institute of Management – Bangalore and Indian Institute of Management – Calcutta.

Anjali Raina

Independent Director

Mahindra Insurance Brokers Limited


Anjali Raina is the Executive Director of the Harvard Business School India Research Centre. In her leadership role at the IRC

In her leadership role at the IRC, Anjali focuses on building and maintaining relationships with senior business leaders in the region to facilitate the work of the center in research, educational programs, community building and faculty development. The HBS IRC seeks to understand and document the emerging trends that are shaping the future of India and the region. It seeks to play a proactive role in the social transformation of India. It engages HBS faculty, shares knowledge and best practices through research and case studies with leaders who are driving India’s growth and development. In short, the IRC works to bring the best of Harvard to India and take the best of India to Harvard.

Under Anjali’s leadership, the HBS IRC has facilitated the writing of over 164 case studies on Indian Business Practice and supported half a dozen research projects. Anjali has co-authored several case studies such as Aadhaar: India’s ‘Unique Identification’ System, TeamLease: Putting India to Work (II) Legally; Pratham – Every Child in School and Learning Well; Naina Lal Kidwai: Investing in Her Country; Tech Mahindra and the Acquisition of Satyam Computers (A) as well as an HBR Article on The Ordinary Heroes of the Taj.

Since 2008, HBS IRC has run 32 executive education programs in India at the HBS style classroom in Mumbai for over 1651 business leaders on subjects ranging from Globalizing Indian enterprises, to Agri-business and held 166 lecture events covering over 10931 leaders. It has also supported the participation of 212 professors from premier Indian Business Schools in HBS’s Global Colloquium on Participant-Centered Learning which is a program that aims to help management educators improve their effectiveness through innovative teaching and course design.

The IRC also houses the Harvard University South Asia Institute (SAI) which advances teaching and research through an interfaculty initiative that brings multiple perspectives on topics related to South Asia. SAI facilitates the work of faculty and students at Harvard and in South Asia through faculty and student research grants. It also engages in outreach activities that include seminars, lectures and symposiums that are open to Harvard and the larger community.

Anjali wears several additional hats. She is a Director on the Board of Harvard Business Publishing, India, the Regional President (Western Region) of NHRDN, an Advisor to The Akanksha Foundation, Trustee to LIFE Trust, an Advisory Member on the Board of HBS Club of India, and on the Advisory Board of the Indian Business School.

Prior to joining HBS IRC Anjali spent 15 years with Citigroup India, most recently as Country Director, before which she worked for more than a decade with ANZ Grindlays Bank PLC. Anjali holds an MBA from the Indian Institute of Management, Calcutta, a bachelor's degree (Eng. Hons) from Loreto College and is an alumnus of HBS having completed the Advanced Management Program.

Jyotin Mehta

Independent Director

Mahindra Insurance Brokers Limited


Mr. Jyotin Mehta, Independent Director of the Company is a Fellow Member of Institute of Chartered Accountants of India, Institute of Company Secretaries of Indian and Chartered Institute of Management Accountants. He has versatile experience in field of Finance and is GRC professional with excellent academic credentials. He brings over 35 years of experience in the areas of corporate finance, internal audit, corporate governance, risk and controls, Company law and legal and regulatory compliance and customer service.

Mr. Mehta is also Chairman of the Audit Committee of the Company.

Mr. Mehta held leadership positions in Tata, ICICI and Shell group of companies. Mr. Mehta is a visiting faculty at various leading management schools in India, including SP Jain Institute of Management Research and Welingkar Institute of Management.

Derek J Nazareth

Director – Mahindra Insurance Brokers Limited

Managing Director – Head of Global Operations & Country Head

XL Catlin - India

Senior executive with international experience, having lived and worked in Europe, Asia and the US for global financial services organisations.

Experience in delivering significant change, business growth, start up and restructuring. 

Joined XL India in October 2014 and in May 2015 following the acquisition of Catlin, Derek was appointed the Head of Enterprise shared services & Country Head with responsibilities for the combined businesses shared services covering centres in Arizona, Kuala Lumpur, UK, Poland and India. In April 2016 appointed as Global Head of Operations & Country Head with responsibilities for the global support services of XLCatlin.

Prior to this, in 2012, Derek was appointed Head of Retail and Commercial Markets, RBS India, predominantly responsible for the divestment of the Retail and Commercial Banking businesses in India. Derek had accountability for the management of the ongoing businesses and delivery of the transfer and exit of 24 branches, 1500 employees, and 1.2m clients. He was also responsible for the divestment programme with delivery across a number of key workstreams including Finance, IT, Marketing & Communications, Client Migration, Property, Legal, Compliance and Operations.

Prior to the move to India, Derek served as Executive Vice President, Consumer & Business Banking at Citizens Financial Group based in Boston USA for 3 years from 2009. As a member of the C&BB Board he led a team supporting Retail Banking, Business Banking and Wealth Management with accountability for Strategy & Change Management, Business Operations and Assurance, Distribution Strategy, Incentives Programmes, Sales Management Information and Analysis, Sales Development, Service Development and Internal Communications & Event Management.

Derek is a graduate of Southampton University (UK), holds a degree in Physiology and Biochemistry and has attended several Harvard Business School Executive Programmes.

1.Code of Conduct_Independent Directors


2.Terms and conditions for appointment of Independent Director


3.Change in Director/Key Managerial Personnel