In continuation of our letter dated May 28, 2026, please find enclosed Board comments on fine levied by the exchange
GENESYS · price
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Genesys International Corporation has received fines totaling Rs. 8,37,800 (Rs. 4,18,900 each from BSE and NSE, inclusive of GST) for non-compliance with Regulation 17(1) of the Listing Regulations, which pertains to board composition requirements. The non-compliance relates to a vacancy for an independent director position on the board. The Board reviewed the matter on May 29, 2026, and explained that finding a suitable candidate from the IT/GIS sector requires intensive screening and selection processes. The company currently has 6 board members with 3 independent directors including a woman director.
The fine represents a regulatory penalty for non-compliance with board composition rules. While the company claims to have an optimal board mix, the outstanding independent director vacancy continues to expose it to regulatory penalties until resolved.