Indian Railway Finance Corporation Limited has informed the Exchange regarding 'Board Comments on fine levied by the Exchanges'.
IRFC · price
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Awaiting price reaction for this filing.
NSE and BSE imposed fines on IRFC for non-compliance with SEBI's Listing Regulations regarding the composition of the Board and constitution of the Audit and Nomination & Remuneration committees for the quarter ended 30 September 2025. The Board, at its meeting on 18 December 2025, noted the non-compliance and decided to follow up with the Ministry of Railways — the appointing authority — to speed up the appointment of the required Independent Directors, including one Women Independent Director. The Board has also requested the exchanges to waive the fine, arguing that director appointments rest with the President of India through the Ministry of Railways and are beyond the company's control. IRFC highlighted that similar fines for the period March–December 2021 were earlier waived by NSE and BSE on the same grounds.
The penalty is procedural and stems from a government-level delay in appointing independent directors, not any company-level lapse. Investors are unlikely to see material impact on operations or earnings, especially if the fine is waived as it has been in earlier instances.