Please find attached disclosure of Event or Information under Regulation 30 of SEBI (LODR) Regulations, 2015 - Fine imposed by BSE Ltd relating to the quarter ended March 31, 2026.
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BSE Ltd has levied a fine of ₹9,67,600 on Gujarat State Financial Corporation for the quarter ended March 31, 2026. The penalty is for non-compliance with SEBI (LODR) Regulations, specifically Regulations 17(1), 17(2A), 18(1) and 19(1)/19(2) relating to the non-appointment of independent directors and quorum requirements. The corporation argues it cannot appoint independent directors because its governing statute, the State Financial Corporations Act, 1951, does not provide for such appointments. GSFC has been requesting amendments to the SFCs Act to align with LODR requirements and has repeatedly asked BSE to waive the fine, but to no avail. The corporation states there is no impact on its financial or operational activities.
The fine represents a relatively small financial impact of about ₹9.67 lakh. However, the ongoing governance non-compliance and inability to appoint independent directors may raise concerns about corporate governance standards for investors.