The Indian Railway Catering and Tourism Corporation (IRCTC) has addressed recent fines imposed by stock exchanges and made changes to its Chief Investor Relations Officer (CIRO) nomination, according to a recent board meeting held on 24th March 2026.
The board discussed fines of ₹5,42,200 each levied by the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) for non-compliance with Regulation 17(1) of the SEBI (LODR) Regulations, 2015. This regulation pertains to board composition, specifically the failure to appoint a woman director for the quarter ending 31st December 2025. The fines were communicated to IRCTC on 27th February 2026 and subsequently reported to the exchanges on 28th February 2026.
During the meeting, the board noted that the non-compliance was beyond the company’s control. Despite proactive efforts to inform and request assistance from the Ministry of Railways, the necessary appointments were not made in time. The board expressed concern over the notices from BSE and NSE and resolved to continue urging the Ministry of Railways to expedite the appointment of the requisite number of independent directors, including a woman independent director, to comply with SEBI (LODR) Regulations, 2015, the Companies Act, 2013, and other applicable laws.
In addition to addressing the fines, the board approved a change in the nomination of the CIRO in line with the SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company’s Code of Conduct for Regulating & Reporting Trading by Designated Persons and their Immediate Relatives. Updated details of the CIRO will be available on IRCTC’s official website.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).