Company hereby submits Annual Secretarial Compliance Report for the Financial Year 2024-25.
IIFL · price
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IIFL Finance has filed its Annual Secretarial Compliance Report for FY25 with BSE and NSE, as required under SEBI Regulation 24A. The report, prepared by Nilesh Shah & Associates (signed by partner Rakesh Achhpal), confirms the company broadly complied with SEBI regulations, secretarial standards, insider trading rules, and disclosure norms during the year. It flags two past non-compliances: (1) delayed submission of FY24 audited financial results within the 60-day window, leading to fines of Rs. 94,400 each from NSE and BSE which have since been paid, and (2) payment of excess remuneration to Managing Director Nirmal Jain without prior shareholder special resolution approval. Both issues stemmed from the RBI's March 2024 cease-and-desist order on the company's Gold Loan business, which disrupted operations and profits. The company plans to seek shareholder waiver for recovery of excess remuneration at the upcoming AGM.
For retail investors, this is a routine annual compliance filing disclosing previously known regulatory issues. The non-compliances relate to the RBI's Gold Loan ban in March 2024, and fines have already been paid. No new material concerns are flagged, though the pending shareholder approval for excess MD remuneration remains a minor governance point.