Pitale and Negandhi's appointment will be with immediate effect, the company said in a statement.
"Dharmesh Mehta, MD & CEO of Axis Capital today submitted his resignation, having decided to pursue other interests," the company said.
The Board of Axis Capital in a meeting held on Tuesday accepted Mehta's resignation.
However, their elevation will be subject to requisite regulatory approvals, it added.
Both are currently Co-Head of Investment Banking at Axis Capital since 2016.
Pitale has been with Axis Capital and Axis Bank since 1999, and has led several sector practices for the investment bank. While, Negandhi is with Axis Capital since 2005.