Canara HSBC Life Insurance Appoints Indu Swaroop as CFO From November 25, Succeeding Tarun Rustagi

New Delhi, November 13, 2026: Canara HSBC Life Insurance Company Limited has announced the appointment of Indu Swaroop as its Chief Financial Officer (CFO), effective November 25, 2026, following approval from its Board of Directors on November 12.

Swaroop, currently the company's Financial Controller, will succeed Tarun Rustagi, who has resigned to pursue opportunities outside the organisation. Rustagi's last working day will be November 24, ensuring a scheduled transition between the outgoing and incoming finance chiefs.

According to the company's official regulatory filing submitted to the National Stock Exchange, the appointment was approved on the recommendations of the Nomination and Remuneration Committee and Audit Committee.

Swaroop has also been designated as Key Managerial Personnel (KMP) and Senior Management Personnel, placing him among the company's senior executives responsible for financial governance and regulatory accountability.

The appointment is among the latest BFSI appointments in India's insurance industry and reflects Canara HSBC Life Insurance's decision to promote an experienced internal executive to lead its finance function.

Who Is Indu Swaroop? Career and Professional Background

Indu Swaroop brings more than 26 years of experience in finance, including nearly 18 years with Canara HSBC Life Insurance.

He joined the insurer in 2008 as one of its founding team members and has since held multiple responsibilities covering treasury management, banking operations, financial controls and regulatory reporting.

Before his elevation, Swaroop served as Financial Controller, supporting the CFO in overseeing statutory audits, taxation, finance operations, risk control assessments and compliance with financial reporting requirements.

He has also held leadership responsibilities as Head of Treasury and in Banking Operations during his tenure with the organisation.

One of his notable contributions was his involvement in the company's initial public offering. As a member of its IPO core working group, Swaroop helped manage important aspects of the listing process.

Canara HSBC Life Insurance was listed on the BSE and NSE on October 17, 2025, marking its transition into a publicly traded life insurance company.

Before joining Canara HSBC Life Insurance, Swaroop worked with Aviva Life Insurance, adding to his experience in the Indian life insurance industry.

His appointment therefore represents continuity within the organisation rather than the recruitment of an external financial executive.

Tarun Rustagi to Step Down on November 24

Swaroop will replace Tarun Rustagi, who has served as Canara HSBC Life Insurance's CFO since March 2019.

Rustagi's responsibilities have covered financial planning, budgeting, financial reporting, financial controls, taxation and procurement operations.

The company had earlier disclosed his resignation in August 2026, stating that he intended to pursue professional growth opportunities outside the organisation.

His departure is scheduled for November 24, while Swaroop's appointment will take effect the following day.

The succession arrangement means the company's finance leadership will pass to an executive already familiar with its financial systems, internal controls, investment operations and reporting processes.

Why the CFO Appointment Matters After Canara HSBC Life's IPO

The timing of Swaroop's elevation is significant because Canara HSBC Life Insurance is operating as a listed entity following its October 2025 IPO.

For publicly listed insurers, the finance function plays an important role in financial disclosures, capital management, regulatory reporting and maintaining investor confidence.

The CFO also works with the leadership team on financial planning, expense management and ensuring that the company's reported performance accurately reflects its business operations.

Swaroop's involvement in the insurer's IPO process and his experience as Financial Controller provide familiarity with these responsibilities.

Anuj Mathur, Managing Director and CEO of Canara HSBC Life Insurance, has also described the promotion as consistent with the company's approach to developing leadership talent internally. He highlighted Swaroop's contribution to financial governance, finance modernisation and the company's IPO preparations.

The appointment comes as the insurer continues expanding its life insurance business through bancassurance partnerships, protection products and long-term savings solutions.

News4Bharat previously reported the company's partnership with West Bengal Gramin Bank to expand life insurance access in rural and semi-urban markets.

Canara HSBC Life Insurance's Latest Financial Performance

The leadership change comes amid growth in several of the insurer's financial and operating indicators.

According to Canara HSBC Life Insurance's official results for the first half of FY2026-27, announced on October 9, 2026, the company reported: