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Religare Broking taps Vijay Kumar Goel as managing director
Veteran banker to scale broking, wealth distribution and digital capabilities
NEW DELHI: Religare Broking has appointed Vijay Kumar Goel as managing director, reinforcing its leadership as the firm steps up efforts to scale its core broking business and expand wealth product distribution.
Based in New Delhi, Goel will lead the company’s strategic growth agenda, with a focus on client engagement, digital platforms and research capabilities, as India’s capital markets are reshaped by rising retail participation and accelerating digitisation.
A chartered accountant and cost accountant, Goel brings more than three decades of experience across broking, retail NBFCs, asset management, investment and insurance distribution, private wealth management and affordable home finance.
He spent over 14 years at the Motilal Oswal group, serving as managing director and chief executive officer across its broking and distribution, private wealth management and home finance businesses. Earlier, he spent 11 years with the Aditya Birla group, where he began his career in 1994 across multiple financial services verticals.
Most recently, Goel worked independently as an executive coach and business growth consultant, advising financial services firms and mentoring senior leadership teams.
Religare Enterprises group CHRO Indranil Choudhury, said the appointment underlined the group’s focus on strengthening its broking and wealth distribution engines while deepening customer-centric, technology-led capabilities.
Goel said India’s capital markets were entering a phase of structural growth, driven by expanding investment products and higher retail engagement. He added that Religare Broking’s platform and legacy provided a strong base to build differentiated and scalable growth through sharper product propositions and deeper client relationships.
Religare Broking is a wholly owned subsidiary of Religare Enterprises, with a presence across more than 400 cities and a customer base exceeding 1 million.
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Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
