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Max Financial Services shareholders and shareholding pattern

NSE: MFSLBSE: 500271InsuranceMid Cap

Max Financial Services Limited · Formerly Max India · Face value ₹2 · Listed Nov 1989 on BSE, May 2000 on NSE
Last close ₹1,224.60down ₹6.70 (0.54%)BSE ₹1,222.60

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,231.30.

28 Oct: open ₹1,247.00, high ₹1,284.00, low ₹1,193.40

52-week range of traded prices to 28 Oct 2026
₹1,193.40Low, 28 Oct 2026₹1,892.50High, 23 Feb 2026
Market cap
₹42,263 Cr180th largest listed
P/E
Earlier quarters restated in the year
P/B
7.39
Dividend yield
Nonein the last 12 months
ROCE
4.1%
Debt to equity
0.29
Volume, NSE
11,74,48738.9% delivered

Max Financial Services' shareholding pattern for Sep 2026, filed on 12 Oct 2026, with every filing from Dec 2016: who owns its shares by group, its promoters by name and its public holders of 1% or more.

Who owns Max Financial Services, filing by filing

Per cent of the company's shares.

Sep 2026 filing

  • Promoters1.25%
  • Foreign institutions48.62%
  • Indian institutions43.70%
  • GovernmentsNone
  • Individuals and others6.44%

Shareholding pattern, per cent, from Sep 2022

  • Promoters
  • Foreign institutions
  • Indian institutions
  • Governments
  • Individuals and others
51.54%0.00%1.25%48.62%43.70%6.44%Sep 22Jun 23Mar 24Dec 24Sep 25Sep 26
Per centDec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
30.42%30.42%30.42%30.29%30.29%30.29%30.29%30.29%28.37%28.33%28.32%28.32%28.31%28.31%28.31%22.33%17.26%16.99%14.72%14.72%14.72%14.72%14.72%14.72%11.45%10.15%10.15%6.52%6.52%6.52%6.52%3.34%3.34%1.74%1.74%1.71%1.25%1.25%1.25%1.25%
Indian promoters30.42%30.42%30.42%30.29%30.29%30.29%30.29%30.29%28.37%28.33%28.32%28.32%28.31%28.31%28.31%22.33%17.26%16.99%14.72%14.72%14.72%14.72%14.72%14.72%11.45%10.15%10.15%6.52%6.52%6.52%6.52%3.34%3.34%1.74%1.74%1.71%1.25%1.25%1.25%1.25%
69.58%69.58%69.58%69.71%69.71%69.71%69.71%69.71%71.63%71.67%71.68%71.68%71.69%71.69%71.69%77.67%82.74%83.01%85.28%85.28%85.28%85.28%85.28%85.28%88.55%89.85%89.85%93.48%93.48%93.48%93.48%96.66%96.66%98.26%98.26%98.29%98.75%98.75%98.75%98.75%
Promoter shares pledgedShare of the promoters' own shares55.02%52.59%72.31%67.65%73.85%81.10%85.77%79.53%81.17%78.45%80.36%91.33%71.54%94.76%91.52%90.32%87.20%84.53%62.17%56.70%63.61%87.21%88.89%94.01%92.96%85.05%93.31%58.68%59.57%69.15%72.64%0.10%0.00%28.67%0.00%0.00%0.00%42.07%26.92%43.71%
Shares in issue26,72,70,04926,72,70,04926,73,11,25926,83,84,02726,83,84,02726,83,84,02726,84,15,73726,84,15,73726,89,77,47126,93,85,77926,93,98,73726,93,98,73726,95,09,48726,95,09,48726,95,74,50426,95,74,50434,50,32,59234,50,90,30234,51,06,76834,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,77134,51,14,771
Shares locked in––––––––––––––––7,54,58,0887,54,58,0887,54,58,0887,54,58,0887,54,58,0880000000000000––––––
Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. Pledged is the share of the promoters' own shares given to lenders as security. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.

Number of Max Financial Services shareholders

Shareholders on the company's register in each filing.

Shareholders, filing by filing

52,877Dec 1658,774Mar 1767,041Jun 1763,459Sep 1762,616Dec 1765,039Mar 1858,572Jun 1858,058Sep 1859,613Dec 1859,088Mar 1957,789Jun 1960,695Sep 1959,606Dec 1959,698Mar 2059,648Jun 2058,973Sep 2064,384Dec 2063,253Mar 2164,363Jun 2170,706Sep 2166,724Dec 2169,014Mar 2268,088Jun 2269,805Sep 2270,914Dec 2281,463Mar 2367,708Jun 2363,966Sep 2359,682Dec 2365,260Mar 2467,021Jun 2465,804Sep 2468,531Dec 2468,062Mar 2580,467Jun 2576,239Sep 2575,636Dec 2577,069Mar 2680,336Jun 2685,147Sep 26
ShareholdersDec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
All shareholders52,87758,77467,04163,45962,61665,03958,57258,05859,61359,08857,78960,69559,60659,69859,64858,97364,38463,25364,36370,70666,72469,01468,08869,80570,91481,46367,70863,96659,68265,26067,02165,80468,53168,06280,46776,23975,63677,06980,33685,147
9988888888888666655555555555555555544444
Indian promoters9988888888888666655555555555555555544444
52,86858,76567,03363,45162,60865,03158,56458,05059,60559,08057,78160,68759,59859,69259,64258,96764,37863,24864,35870,70166,71969,00968,08369,80070,90981,45867,70363,96159,67765,25567,01665,79968,52668,05780,46276,23575,63277,06580,33285,143
Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. A dash is a line the filing did not state.

Max Financial Services promoters

Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Sep 2026; the largest is MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED, 1.16%. The filing names 56 more members with no shares.Promoter buying and selling

Holder
MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITEDIndian companies, trusts and others1.16%39,95,92347.21%
TARA SINGH VACHANIIndividuals and Hindu undivided families0.03%1,00,0000.00%
ANALJIT SINGHIndividuals and Hindu undivided families0.03%1,10,0000.00%
PIYA SINGHIndividuals and Hindu undivided families0.03%1,10,3330.00%
Pledged is the share of the holder's own shares pledged to a lender.

Largest public holders of Max Financial Services, filing by filing

Per cent, on the same shares as the split above.Mutual funds holding Max Financial Services

HolderDec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
MITSUI SUMITOMO INSURANCE COMPANY LIMITEDForeign direct investment––––––––––––––––21.87%21.87%21.87%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%21.86%
SMALLCAP WORLD FUND, INCForeign portfolio investors, category I–––––––––––––––––––––––––1.83%1.83%1.83%2.02%1.73%1.73%1.73%1.92%1.58%2.50%2.52%2.52%2.52%2.96%3.00%
SBI LIFE INSURANCE CO. LTDInsurance companies––––––––––––––––––––––––––––––––1.17%1.26%1.66%1.72%1.72%1.85%2.03%2.32%
PRINCIPAL FUNDS, INC. - GLOBAL EMERGING MARKETS FUNDForeign portfolio investors, category I–––––––––––––––––––––––––––––––––––––1.03%1.03%1.96%
HDFC LIFE INSURANCE COMPANY LTD -SHAREHOLDERS SOLVENCY MARGIN ACCInsurance companies–––––––––––––––––––––––––––––––––––––––1.85%
GOVERNMENT PENSION FUND GLOBALForeign portfolio investors, category I–––––1.08%1.08%1.62%1.73%1.99%1.99%1.99%1.99%1.45%1.64%1.64%–1.00%1.11%1.22%––1.29%1.66%1.91%1.91%1.91%1.39%1.21%––––––––1.57%1.55%1.62%
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUNDForeign portfolio investors, category I––––––––––––––––––––––––––––––––––1.10%1.10%1.12%1.12%1.12%1.13%
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDSForeign portfolio investors, category I––––––––––––––––––––––1.00%–––––––––––––––1.06%1.08%
KOTAK FUNDS - INDIA MIDCAP FUNDForeign portfolio investors, category I–––––––––––––––––––––––––––2.04%2.20%2.20%1.83%1.44%1.33%1.07%1.07%1.10%1.10%1.06%1.04%1.05%
HDFC LIFE INSURANCE COMPANYLIMITED -SHAREHOLDERS SOLVENCY MARGIN ACCOUNTInsurance companies–––––––––––––––––––––––1.87%1.89%2.09%2.10%2.16%2.11%2.16%2.42%––2.31%2.23%––2.11%1.95%–
POLAR CAPITAL FUNDS PLC - EMERGING MARKET STARS FUNDForeign portfolio investors, category I–––––––––––––––––––––––––––––––––1.02%1.05%1.05%1.07%1.06%––
VANGUARD EMERGING MARKETS STOCK INDEX FU ND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDForeign portfolio investors, category I–––––––––––––––––––––––––––––––––––––1.05%––
HDFC LIFE INSURANCE COMPANY LTD -SHAREHOLDERS SOLVENCY MARGIN ACCOInsurance companies––––––––––––––––––––––––––––––––––––2.11%–––
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INT EQForeign portfolio investors, category I––––––––––––––––––––––––––––––––––––1.03%–––
HDFC LIFE INSURANCE CO LTD -SHAREHOLDERS SOLVENCY MARGIN ACCOUNTInsurance companies––––––––––––––––––––––––––––––––2.32%––2.27%––––
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INTERNForeign portfolio investors, category I–––––––––––––––––––––––––––––––––––1.01%––––
TATA AIA LIFE INSURANCE COMPANY LIMITED A/C MOMENTUM 50 INDEX FUNDInsurance companies–––––––––––––––––––––––––––––––––––1.01%––––
KUWAIT INVESTMENT AUTHORITY FUND F238Foreign portfolio investors, category I–––––––––––––––––––––––––––––1.11%1.28%1.30%1.03%1.03%––––––
WF ASIAN SMALLER COMPANIES FUND LIMITEDForeign portfolio investors, category I––––––––––––––3.06%4.00%3.13%3.92%3.92%3.92%3.92%2.84%2.84%2.84%2.99%2.99%2.99%2.78%2.46%2.01%2.38%2.38%2.36%–––––––
TATA AIA LIFE INSURANCE CO LTD A/C RISING INDIA FUNDInsurance companies––––––––––––––––––––––––––––––––1.20%–––––––
HDFC LIFE INSURANCE CO LTD -SHAREHOLDER SOLVENCY MARGIN ACCInsurance companies–––––––––––––––––––––––––––––––2.43%––––––––
TATA AIA LIFE INSURANCE CO LTD A/C FLEXI GROWTH FD IIInsurance companies–––––––––––––––––––––––––––––––1.34%––––––––
TATA AIA LIFE INSURANCE COMPANY LIMITED A/C RISING INDIA FUND (ULIF 073 17/01/24 RIF 110)Insurance companies––––––––––––––––––––––––––––––1.26%–––––––––
NEW YORK LIFE INSURANCE COMPANYForeign portfolio investors, category I––––––––1.98%1.98%1.98%1.98%1.98%–2.98%2.98%2.33%2.60%2.60%2.60%2.60%2.59%2.53%2.53%2.53%2.96%2.96%2.96%2.59%1.78%1.13%–––––––––
NEW WORLD FUND INCForeign portfolio investors, category I–––––––––––––––––––––––––1.26%1.26%1.26%1.26%1.26%––––––––––
TATA AIA LIFE INSURANCE COMPANY LIMITED A/C FLEXI GROWTH FUND ULIF 068 25/04/23 FGF 110Insurance companies–––––––––––––––––––––––––––––1.21%––––––––––
GOVERNMENT OF SINGAPOREForeign portfolio investors, category I––––––––––––––––––1.74%1.74%1.74%1.74%1.74%1.74%1.74%1.74%1.74%2.07%2.07%–––––––––––
BARON EMERGING MARKETS FUNDForeign portfolio investors, category I––1.05%1.68%1.68%1.83%2.34%2.60%2.62%2.71%2.87%2.96%2.96%3.30%3.31%3.24%2.58%2.78%2.91%3.22%2.62%2.23%2.03%1.82%1.46%1.46%1.42%1.40%1.31%–––––––––––
HDFC LIFE INSURANCE COMPANY LIMITEDInsurance companies–––––––––––––––1.75%1.37%1.47%1.48%1.48%1.49%1.51%1.64%–––––––––––––––––
MONEYLINE PORTFOLIO INVESTMENTS LIMITEDInstitutions Foreign Portfolio Investor9.94%9.94%9.94%6.73%6.73%6.73%6.73%6.73%6.72%6.71%6.71%6.71%6.70%6.70%6.70%6.70%––––––––––––––––––––––––
ASHISH DHAWANResident individuals, over ₹2 lakh at face value–––––––––––––––1.21%––––––––––––––––––––––––
WF Asian Smaller Co Fund LtdInstitutions Foreign Portfolio Investor–––––––––––––2.58%––––––––––––––––––––––––––
New York Life Insurance Co.Institutions Foreign Portfolio Investor–––––––––––––2.24%––––––––––––––––––––––––––
BNP PARIBAS ARBITRAGEInstitutions Foreign Portfolio Investor––––––––––––1.49%–––––––––––––––––––––––––––
JUPITER INDIA FUNDInstitutions Foreign Portfolio Investor–––––––––––1.04%1.04%–––––––––––––––––––––––––––
TVF FUND LTDInstitutions Foreign Portfolio Investor––––––––1.08%1.27%1.27%1.16%––––––––––––––––––––––––––––
NATIONAL WESTMINSTER BANK PLC AS TRUSTEE OF THE JUPITER INDIA FUNDInstitutions Foreign Portfolio Investor–––––1.02%1.03%1.03%1.05%1.04%1.04%–––––––––––––––––––––––––––––
NATIONAL WESTMINSTER BANK PLC AS TRUSTEEInstitutions Foreign Portfolio Investor––––1.01%–––––––––––––––––––––––––––––––––––
XENOK LIMITEDOther Institutions9.01%9.01%4.14%–––––––––––––––––––––––––––––––––––––
MORGAN STANLEY (FRANCE) S.A.Institutions Foreign Portfolio Investor––1.67%–––––––––––––––––––––––––––––––––––––
A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here: each fund's holding is on the Mutual funds tab, from its own portfolio. A dash is a filing that did not name the holder, which includes holding under one per cent. The 40 holders most recently named are shown, of 42 holders the filings name.

Who moved in the Sep 2026 filing

Against the Jun 2026 filing. A filing names a public holder only at 1% or more, so a holder no longer named fell under 1% or sold out.

  • Foreign institutions: PRINCIPAL FUNDS, INC. - GLOBAL EMERGING MARKETS FUND 1.96%, +0.93 pts; GOVERNMENT PENSION FUND GLOBAL 1.62%, +0.07 pts; SMALLCAP WORLD FUND, INC 3.00%, +0.04 pts; 3 more moved
  • Indian institutions: HDFC LIFE INSURANCE COMPANYLIMITED -SHAREHOLDERS SOLVENCY MARGIN ACCOUNT no longer named, from 1.95%; HDFC LIFE INSURANCE COMPANY LTD -SHAREHOLDERS SOLVENCY MARGIN ACC newly named at 1.85%; SBI LIFE INSURANCE CO. LTD 2.32%, +0.29 pts