Sammaan Capital expands IHC oversight across four controls

Sammaan Capital Limited placed risk, compliance, internal audit and cybersecurity under International Holding Company (IHC) oversight in Q2FY27, with supervision by a Board Sub-committee and Avalora domain experts. The governance change coincided with Rs 6,278 crore of Q2FY27 disbursals, up 62% quarter on quarter, and BDO’s appointment as internal-audit co-sourcing partner.

What controls has Sammaan Capital placed under IHC oversight?

Sammaan Capital has placed risk, compliance, internal audit and cybersecurity under the supervision of a Board Sub-committee and domain experts at IHC’s Centre of Excellence within Avalora, its financial-services holding company. The Q2FY27 presentation calls this a strategic realignment of control functions and identifies the four areas specifically, rather than describing a general advisory role for IHC.

The company’s management slide identifies Naveen Uppal as chief risk officer, Vinay Gupta as chief compliance officer, Prakash Ranjan as chief information security officer and Nikhil Gupta as head of internal audit within the IHC-overseen control-functions grouping. This structure was disclosed as Sammaan Capital’s assets under management (AUM) reached Rs 59,188 crore at September 30, 2026, compared with Rs 56,239 crore in Q1FY27.

The oversight perimeter covers functions that operate alongside a growing lending franchise, but the presentation does not quantify changes to approval authority, credit policy or control costs. Sammaan Capital disbursed about 30,700 loans in Q2FY27 and reported that 94% of its Rs 6,278 crore quarterly disbursals were secured loans.

Who represents IHC on Sammaan Capital’s board?

Sammaan Capital has two IHC Group nominees on its board, Alwyn Crasta and H.E. Dalia Khorshid, after Khorshid joined in Q2FY27. The company identifies both as non-executive nominee directors of IHC, making the second nominee a stated component of the board reconstitution.

IHC’s stated participation extends to the Audit Committee, Risk Management Committee, Asset-Liability Committee and IT Strategy Committee, as well as oversight across finance, risk, information technology, artificial intelligence and human resources. Crasta is described as IHC’s group chief financial officer managing a balance sheet of about $132 billion, while Khorshid is group chief executive of Avalora Holding with more than 30 years of banking and corporate-finance experience.

The board transition is not complete. Sammaan Capital says new independent director or directors are being appointed as existing independent directors retire, while its presentation records 245 branches in Q2FY27 and a full-year target of 270 branches. The source does not disclose committee attendance, voting records or specific decision rights for either IHC nominee.

How have audit and cybersecurity arrangements changed at Sammaan Capital?

Sammaan Capital appointed BDO as its internal-audit co-sourcing partner, while its internal-audit leadership remains listed under the IHC-overseen control functions. The disclosure therefore describes a co-sourcing arrangement rather than saying BDO has replaced the internal-audit department or its head.

Cybersecurity oversight is being introduced during a technology build-out that included five information-technology projects going live in Q2FY27, including an application programming interface gateway and multi-factor authentication on the core system. The company also reported 12 projects implemented between June and September 2026, with 30 more under way.

Risk and compliance account for 28 of Sammaan Capital’s 53 identified artificial-intelligence use cases, or 53% of the total. Management plans to have 35 use cases live in FY27 and 18 in FY28, but the presentation gives no estimate of savings, credit-loss reductions or regulatory outcomes from that programme.

The control build is also linked to lending-platform and collateral processes. Salesforce Loan Origination System pilots started in August 2026 and reached 18 additional branches in September 2026, with a pan-India rollout targeted for Q3FY27; for gold loans, digitised key and cash-vault registers with a real-time audit trail are planned by Q3FY27.

How does the governance overhaul compare with Sammaan Capital’s growth plan?

The governance overhaul is occurring alongside higher quarterly activity and stated FY27 expansion targets. AUM increased 5% to Rs 59,188 crore in Q2FY27, while profit after tax (PAT) increased 28% to Rs 312 crore and gross non-performing assets declined by 0.06 percentage points to 0.15%.

Management’s FY27 roadmap targets Rs 70,700 crore of AUM, Rs 53,000 crore of loan book and Rs 30,100 crore of disbursals. At the end of H1FY27, Sammaan Capital had reported Rs 10,153 crore of disbursals and Rs 556 crore of PAT, against a full-year PAT target of Rs 1,400 crore.

Product expansion adds further execution milestones for the oversight framework. Personal loans were live through pool purchases in Q2FY27, business instalment loans were pre-launch, and gold loans were scheduled for a Q3FY27 soft launch at about 16 branches before a 30-branch rollout in Q4FY27; Sammaan Capital says these launch timelines remain subject to market conditions.

What should readers monitor after Sammaan Capital’s governance changes?

Readers should monitor delivery against the Q3FY27 Salesforce Loan Origination System rollout and gold-loan soft launch, because both depend on technology and branch-control processes described in the presentation. The company also plans to expand its workforce from 4,552 at September 30, 2026 to 8,000 during FY27, including sales, collections and servicing associates.

Asset quality and provisioning provide reported measures alongside the control changes. Net non-performing assets fell to 0.11% in Q2FY27 from 0.15% in Q1FY27, while total provisions declined to Rs 4,746 crore from Rs 5,290 crore; total provisions represented 10.2% of the Rs 46,482 crore loan book, compared with 12.2% in Q1FY27.

A further disclosed governance-related event is the potential conversion of IHC promoter Avenir’s remaining warrants. Following conversion of 8.69 crore warrants for Rs 906 crore on October 30, 2026, Sammaan Capital says 21.98 crore warrants carrying Rs 2,291 crore of balance consideration may be converted by September 30, 2027.

Conclusion

Sammaan Capital’s Q2FY27 disclosures show a defined expansion of IHC involvement in four control functions, supported by two IHC board nominees, a Board Sub-committee, Avalora domain experts and BDO’s audit co-sourcing role. The changes are being implemented as AUM reached Rs 59,188 crore and quarterly disbursals rose to Rs 6,278 crore.

Next, readers should watch the Q3FY27 technology and gold-loan milestones, the appointment of new independent directors and progress toward the Rs 70,700 crore FY27 AUM target. Avenir’s remaining Rs 2,291 crore warrant conversion can occur in one or more tranches until September 30, 2027 and would raise its stake from 33.32% to 43.28% on Sammaan Capital’s stated assumptions.