Secretarial Audit Compliance Report for FY 2025-26

Bank of India submitted its annual secretarial compliance report for FY 2025-26 as mandated by SEBI Regulation 24A. The audit by M/s. Sawant & Associates found the Bank largely compliant with SEBI regulations, though three key deviations were noted. First, the Compliance Officer appointment does not meet the required level per Regulation 6(1), which the Bank is addressing. Second, Board independence dropped below the required one-third from November 24, 2025, when an Executive Director appointment increased board strength to 10 with only 3 Independent Directors. Third, the Audit Committee cannot meet SEBI's two-thirds independent member requirement due to RBI guidelines restricting certain directors from serving on it. The Bank received a Rs. 10,000 fine each from NSE and BSE for delayed XBRL submission of voting results. The Bank attributes these issues to government appointment delays and has sought regulatory forbearance.