Genesys International Corporation Limited has informed the Exchange regarding 'Board comments on fine levied by the Exchange'.This is in reference to our intimation letter dated May 28, 2026 and notice of non-compliancereceived from Stock Exchanges i.e. BSE Ltd. (BSE) and National Stock Exchange of India Limited(NSE) on May 27, 2026 wherein both exchanges have imposed a fine of Rs. 4,18,900/- each(inclusive of GST) for non-compliance under Regulation 17(1) of the Listing Regulations i.e.non-compliance with the requirements pertaining to the composition of the Board of Directors.
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BSE and NSE have each imposed a fine of Rs. 4,18,900 (inclusive of GST) on Genesys International for non-compliance with Regulation 17(1) of the Listing Regulations, which pertains to Board composition requirements. The company disclosed this penalty in a board meeting held on May 29, 2026. The board explained that finding a suitable independent director from the IT/GIS sector is taking time due to intensive screening requirements. Despite the non-compliance notice, the company claims it currently has an optimum board mix with 6 members, including 3 Independent Directors (including a women director), meaning half the board is independent.
This fine is relatively modest but signals regulatory scrutiny over governance standards. While the company appears to be addressing the independent director gap, any prolonged non-compliance could attract additional penalties or restrictions on trading.