The Indian Railway Finance Corporation (IRFC) has successfully obtained a waiver of fines from the National Stock Exchange of India (NSE). This development follows a request made by the company concerning fines levied under the SEBI Master Circular dated 11 November 2024.
The NSE, in an email dated 24 April 2026, informed IRFC of its decision to favourably consider the company’s request for waiver of fines. These fines were initially imposed for the quarters spanning from March 2022 to December 2025. The fines were related to non-compliance with several SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, specifically Regulations 17(1), 17(2A), 18, 19, 20, and 21.
The waiver represents a significant relief for IRFC, which had sought leniency regarding the penalties associated with these regulatory obligations. The SEBI Master Circular had outlined the framework for such fines, and the waiver indicates that IRFC’s compliance efforts have been recognised by the NSE.
This decision by the NSE underscores the importance of regulatory compliance and the potential for companies to seek redress or leniency when circumstances warrant.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).