Indian Railway Finance Corporation Limited has informed the Exchange regarding 'Board Comments on fine levied by the ExchangesBoard Comments on fine levied by the ExchangesBoard Comments on fine levied by the Exchanges'.
IRFC · price
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NSE and BSE imposed a fine on IRFC on 29th May 2025 for non-compliance with SEBI Listing Regulations regarding the composition of the Board, quorum of Board meetings, and constitution of key committees (Audit, Nomination and Remuneration, Stakeholder Relationship, and Risk Management) for the quarter ended 31st March 2025. The Board, at its meeting on 25th June 2025, decided to follow up with the Ministry of Railways to expedite the appointment of Independent Directors. IRFC has also requested the exchanges to waive the fine, noting that as a Government Company, the appointment of Directors lies with the President of India through the Ministry of Railways and is beyond the company's control. In similar past instances for the period March 2021 to December 2021, NSE and BSE had already waived fines on IRFC on the same grounds.
The fine is relatively minor and procedural, linked to a vacancy of Independent Directors that the company cannot fill on its own. Shareholders are unlikely to see any material financial or operational impact, provided the exchanges waive the fine as they have done in the past; however, persistent non-compliance could attract repeated penalties.