Indian Railway Finance Corporation (IRFC) has been fined ₹9.77 lakh by the National Stock Exchange (NSE) and BSE for non-compliance with SEBI‘s Listing Obligations and Disclosure Requirements. The fine pertains to the quarter ending 31st December 2025.
The non-compliance issues include the composition of the Board and the constitution of committees such as Audit and Nomination and Remuneration. The fine was imposed following a review by the exchanges, which found that IRFC had not adhered to certain regulations stipulated by SEBI.
IRFC, a government entity under the Ministry of Railways, noted that the appointment of directors, including independent women directors, is beyond its control. The Board has requested the Ministry of Railways to expedite these appointments to address the compliance issues.
The company has appealed to the exchanges to waive the fine, citing previous instances where fines were waived under similar circumstances. The Board has also highlighted that the power to appoint directors lies with the President of India through the Ministry of Railways.
The NSE and BSE have outlined the procedure for IRFC to apply for a waiver, which includes submitting a detailed request through the NEAPS portal. The exchanges have also specified that compliance must be achieved before a waiver application can be processed.
The fine breakdown includes ₹4.6 lakh for Regulation 17(1), ₹1.84 lakh each for Regulations 18(1) and 19(1)/19(2), with an additional 18% GST, bringing the total to ₹9.77 lakh.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).