Compliance under Regulation 24(A) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015
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Aryaman Financial Services has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025, prepared by JNG & Co. LLP, Practicing Company Secretaries. The report covers the company's compliance with SEBI regulations including LODR, Insider Trading, and Merchant Bankers Regulations. The company is largely compliant across all areas including Secretarial Standards, board policies, website disclosures, director eligibility, related party transactions, and insider trading norms. However, Annexure A reveals a SEBI penalty of Rs. 2,00,000 imposed via Adjudication Order dated May 31, 2024 for violation of PIT Regulation 9(1) and SEBI Merchant Bankers Regulations, which the company has paid. Annexure B also references a prior Rs. 1,00,000 penalty from FY 2023-24 under SEBI ICDR Regulation 245(3), which was also paid with remedial commitments.
This is a routine annual compliance filing and carries no immediate business impact. However, the disclosed SEBI penalties (Rs. 2 lakh for insider trading violations and Rs. 1 lakh from the prior year) highlight past regulatory lapses in the company's code of conduct and offer document processes, though both have been settled. Investors may view this as a minor governance concern for a small merchant banking firm, but it is unlikely to materially affect the stock price.