Rikhav Securities hits the floor after CFO Hemant Hasmukh Shah resigns

Rikhav Securities hit a lower circuit of 5% at Rs 76.70 after the company informed that Hemant Hasmukh Shah has resigned from his position as Chief Financial Officer (CFO), effective from 25 February 2025.

According to an exchange filing, Hemant Hasmukh Shah has resigned from his position as CFO due to personal reasons.

Meanwhile, the companys board has appointed Rajendra Navalchand Shah as the new CFO, effective from 25 February 2025.

Rajendra Navalchand Shah has been associated with the company since April 14, 2006, and has made a valuable contribution to the companys growth and success as a member of the Management Committee (MANCOM). The director has vast experience and knowledge in the fields of securities and the capital market. He brings nearly 22 years of experience and a strong understanding of the capital markets and economy.

Rikhav Securities (RSL) is a full-service financial services firm offering a comprehensive suite of services including equity broking, investment advisory, and trading across various segments like cash, derivatives, and commodities. They cater to diverse investor needs with services like intra-day trading, futures and options trading, IPO participation, demat account management, and mutual fund distribution. As a clearing member of both ICCL and NCL, RSL ensures efficient trade settlements. The company also actively participates in market-making for newly listed securities and engages in proprietary investments. As of 30 September 2024, the company had around 394 employees on payroll basis.

On full-year basis, the companys net profit surged 123.3% to Rs 42.65 crore on 104.2% jump in total income of Rs 111.34 crore in FY25 over FY24.

Rikhav Securities listed on the bourses on 22 January 2025. The scrip was listed at Rs 163.40, exhibiting a premium of 90% to the issue price.

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