Submission of Annual Secretarial Compliance Report as per Regulation 24(A) of SEBI (LODR) Regulations.
GICHSGFIN · price
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GIC Housing Finance Ltd has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025, as required under Regulation 24A of SEBI's Listing Regulations. The report, certified by Makarand M. Joshi & Co., confirms compliance with most SEBI regulations, secretarial standards, and listing requirements. However, it flags ongoing non-compliance with board composition norms under Regulation 17(1) — the company lacks the required number of Independent Directors, a regular non-executive chairperson, and adequate members on the Audit Committee and Nomination & Remuneration Committee. Fines were levied by both NSE and BSE — approximately ₹64,900 (incl. GST) and ₹99,000 (excl. GST) per exchange — during the quarter ended March 2025. The company attributes these lapses to being a Government of India entity, where director appointments are made by the Ministry of Finance, and has requested waivers from both stock exchanges.
Routine annual compliance filing with no major financial impact, though the persistent board composition shortfall highlights a governance gap tied to the company's government-owned promoter status. Minor regulatory fines are unlikely to materially affect shareholders, but continued non-compliance could invite further scrutiny from stock exchanges.