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PB Fintech Limited, the parent company of PolicyBazaar, will undertake a reorganisation of its key board committees, it said in a filing to stock exchanges. The reconstitution became effective on October 17, 2024.

Non-executive independent directors Nilesh Bhaskar Sathe and Kitty Agarwal have been appointed as new members of the audit committee which is chaired by Kaushik Dutta. The newcomers will replace Yashish Dahiya, the company’s Chairman and CEO, who stepped down from the committee.

The company also reorganized its risk management committee, adding Dhruv Shringi, another non-executive independent director, as a new member. This committee, responsible for overseeing risk management policies and practices, will now include Yashish Dahiya as Chairperson, with Alok Bansal and Dhruv Shringi serving as members.

Another key change was made to the corporate social responsibility committee. Alok Bansal, Executive Vice Chairman and Whole-Time Director, has been included as a new member. The CSR Committee, chaired by Yashish Dahiya, now comprises Lilian Jessie Paul and Bansal.

This follows after PolicyBazaar recently addressed media reports regarding its potential entry into the healthcare space, stating that while they are exploring the possibility, no decisions have been made yet. The announcement was met with caution from several brokerages, who expressed concerns about a shift to a more asset-heavy model.

Following this clarification on September 26, shares of the insurance seller dropped by as much as 9%.