Annual Secretarial Compliance Report
Awaiting price reaction for this filing.
Jammu and Kashmir Bank submitted its Annual Secretarial Compliance Report for FY 2024-25, certified by Practicing Company Secretary CS Dhaman Kumar Pandoh. The bank was found compliant on almost all SEBI LODR parameters, including secretarial standards, board policies, website disclosures, insider trading norms, related party transactions (at arm's length), and director eligibility (no disqualifications under Section 164). One non-compliance was flagged: a delay in reporting the RBI approval for the MD & CEO appointment, which led to an SEBI administrative warning dated January 14, 2025. The bank contends it had informed the stock exchanges within the stipulated time and approached SEBI on January 27, 2025 seeking revocation of the warning. The bank has no material subsidiaries. Older matters from FY 2023 and FY 2024 involving exchange fines of Rs 15,000 and Rs 20,000 for delayed disclosures are partially resolved (NSE waived Rs 10,000; BSE waived the May-2021 penalty on May 16, 2024) but BSE's response on the Dec-2021 waiver is still pending.
The compliance gaps are minor and procedural in nature, with no operational or financial impact on the bank. The SEBI administrative warning and pending exchange penalties are small-ticket items that the bank is actively contesting for waiver. No material governance red flags for shareholders.