A Power Play at SG Finserve: New CFO and CEO Take the Helm, NCD Plans Hit Pause

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SG Finserve appoints Sanjay Rajput as CFO and Vinay Gupta as CEO, following the resignations of Sahil Sikka and Sorabh Dhawan. The company defers the issuance of secured non-convertible debentures, signaling strategic shifts as it strengthens leadership and recalibrates funding amid its supply chain financing growth plans.

In the leadership reshuffle, Sanjay Rajput has been appointed Chief Financial Officer (CFO), effective January 1, 2026. Rajput, who previously served as Head of Finance and Accounts at SG Finserve, brings over 18 years of extensive experience in finance and accounting, including roles at Livfin, Airtel, and Metropolis Healthcare. His expertise is expected to strengthen SG Finserve’s financial leadership as the company advances its growth plans.

Concurrently, CFO Sahil Sikka has resigned from his position after nearly four years with the company, a move signaling a transition in the company's financial strategy. Sikka’s tenure included overseeing corporate finance and business development activities that contributed to SG Finserve’s expansion in supply chain financing solutions.

The CEO position also sees a change with Sorabh Dhawan stepping down. Dhawan, a seasoned professional with deep expertise in corporate lending and structured finance, who has led the company since October 2022, exits the role as SG Finserve appoints Vinay Gupta as the new Chief Executive Officer. Gupta has broad entrepreneurial experience and serves as a Non-Executive Director at APL Apollo Tubes Ltd, hinting at strategic alignment given SG Finserve’s promoter linkage with APL Apollo Tubes.

Adding to the operational shifts, SG Finserve has deferred the issuance of non-convertible debentures (NCDs), initially planned to be privately placed. These secured and listed NCDs were to be backed by an irrevocable corporate guarantee, designed to bolster the company’s capital for expansion. The deferment suggests SG Finserve is recalibrating its funding strategy amid evolving market conditions.

Key highlights:

Sanjay Rajput appointed CFO effective January 2026; Sahil Sikka resigns from CFO role
Vinay Gupta named new CEO, replacing Sorabh Dhawan
Deferral of private placement issuance of secured, guaranteed NCDs
Leadership changes align with corporate strategy and promoter group ties
SG Finserve continues focus on supply chain financing and scaling operations

SG Finserve’s recent moves indicate a concerted effort to strengthen leadership and financial positioning amid growth ambitions and market realities. The new management team and capital strategy adjustments aim to sustain the company’s trajectory in the competitive NBFC sector.

Sources: National Stock Exchange official filing, SG Finserve Limited, Bloomberg, Dalal & Broacha Stock Broking Pvt Ltd, BSE India corporate disclosures.

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