At a time when tensions between professional management and promoters are making headlines at a large business conglomerate, Kerala-based family-run gold loan provider Manappuram Finance has decided for a transition towards a more institutionalised governance structure. 

On Tuesday, the non-banking financial company (NBFC) announced the appointment of Ashish Singh as its managing director and chief executive officer (MD and CEO), effective January 1, 2027. 

The leadership change comes after private equity major Bain Capital’s proposed investment of ₹4,385 crore to acquire an 18 per cent stake in Manappuram Finance and become a joint promoter of the company. Singh will succeed  promoter V P Nandakumar, the company’s current chairperson and managing director. Nandakumar will move into the role of non-executive chairperson from January 1, 2027. 

Nandakumar has served as Manappuram Finance’s managing director since its incorporation in 1992. He and Sushama Nandakumar currently hold 26.11 per cent and 5.11 per cent, respectively, in the company. 

Singh is a banker with more than 25 years of experience, primarily in retail banking, with a focus on rural lending and retail liabilities. In his most recent stint, he headed retail liabilities at IDFC FIRST Bank. 

In March 2025, Bain Capital and Manappuram Finance signed an agreement under which the private equity firm would acquire joint control of the lender through an investment of ₹4,385 crore ($508 million).  

The Reserve Bank of India approved the proposed capital infusion in February, allowing Bain to hold up to 41.7 per cent in the company following the open offer. 

The Nandakumar family is expected to hold 28.9 per cent in Manappuram Finance after the transaction. As of June, the promoter family held 31.7 per cent, while Bain held around 9.89 per cent. 

At IDFC FIRST Bank, Singh had also led the Bharat Banking business, overseeing its asset product portfolio and branch network. He has previously held senior positions at Fullerton India and ICICI Bank, with experience across rural banking, product innovation and financial inclusion.  

Nandakumar did not respond to calls from Business Standard. 

Manappuram Finance reported a 341.4 per cent year-on-year (Y-o-Y) rise in consolidated net profit to ₹585 crore in the first quarter of FY27. Assets under management (AUM) grew 57.2 per cent Y-o-Y to ₹69,635 crore. Gold loan AUM stood at ₹57,006 crore at the end of the June quarter, up 97.9 per cent from a year earlier.