Mumbai: India Mortgage Guarantee Corporation (IMGC), India’s first mortgage guarantee company regulated by the Reserve Bank of India, has appointed Rajesh Sud, former Managing Director and CEO of Axis Max Life Insurance, to its Board of Directors as the company looks to strengthen its governance and support its next phase of growth.
The appointment adds more than three decades of financial services and governance experience to IMGC’s board at a time when the company is focused on expanding access to housing finance, enhancing risk-sharing mechanisms for lenders and promoting responsible homeownership.
Since commencing operations, IMGC has facilitated more than ₹45,000 crore of home loan guarantees, supporting over 150,000 homebuyers across more than 400 locations in the country.
India’s housing finance market continues to witness growing demand, driven by rapid urbanisation, an expanding middle class and the need for affordable housing. IMGC, backed by global shareholders including Enact MI, Sagen, the International Finance Corporation (IFC) and the Asian Development Bank (ADB), said Sud’s appointment further strengthens its domestic leadership as it seeks to deepen mortgage guarantee adoption in the country.
Sud brings nearly three and a half decades of experience across banking, non-banking financial companies (NBFCs) and insurance. A founding member of Max New York Life Insurance, now Axis Max Life Insurance, he served as its Managing Director and Chief Executive Officer from 2008 to 2018, helping build it into one of India’s largest private life insurers. He has also chaired Max Bupa Health Insurance and, as Managing Director – Financial Services at Bharti Enterprises between 2019 and 2024, oversaw Bharti AXA Life and General Insurance while serving on the board of Airtel Payments Bank. He currently serves as Chairman of Stride Fintree Private Ltd and Managing Partner of Atisaya Partners LLP.
Welcoming Rajesh Sud to the Board, Rohit Gupta, President, CEO & Director of Enact Holdings, Inc. said, “I am delighted to welcome Rajesh Sud to the IMGC Board. Rajesh is one of the most respected figures in Indian financial services, with an exceptional track record of building and scaling institutions that have shaped the country’s insurance and banking landscape. His deep understanding of the Indian market, combined with his proven leadership in governance and institution-building, will be invaluable as IMGC enters its next phase of growth. I look forward to working closely with him to strengthen IMGC’s governance and advance its mission of building a more inclusive and resilient housing finance ecosystem in India.”
Commenting on his appointment, Rajesh Sud said, “Housing finance remains a critical enabler of economic development and financial inclusion. IMGC occupies a unique position within the ecosystem by helping lenders extend credit responsibly while expanding access to housing. I am pleased to join the Board and look forward to working with the management team and fellow directors to support the company’s continued growth and long-term vision.”
