Imposition of fine by NSE & BSE for the quarter ended 31st March, 2025
Awaiting price reaction for this filing.
NSE and BSE have each imposed a fine of Rs. 8,26,000 (inclusive of GST) on RVNL for the quarter ended 31st March 2025. The penalty is for non-compliance with SEBI LODR Regulations 17(1), 18(1), 19(1)(2), 20(2), 20(2A), and 21(2) regarding the composition of the Board and its committees. RVNL has clarified that it is a Government company, and the appointment of all Directors (including Independent Directors) is solely done by the President of India through the Ministry of Railways. The company states the fine has no financial impact. RVNL expects the fines to be waived once the Ministry of Railways appoints the required directors, noting that NSE and BSE have previously waived similar fines upon compliance.
Minimal financial impact — the fine is small (Rs. 8.26 lakh each from both exchanges) and the company expects a waiver once board composition is restored, as has happened before. This is a technical compliance issue driven by government appointment delays, not a governance failure by management, so it is unlikely to affect the stock price materially.