Reg 24(A)- Annual Secretarial Compliance Report for the year ended 31st March 2026
IRFC · price
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IRFC has filed its Annual Secretarial Compliance Report for FY 2025-26 under SEBI Regulation 24A. The secretarial auditor, VAP & Associates, has reported multiple non-compliances with SEBI LODR regulations, all stemming from insufficient Independent Directors on the Board. Specifically, the company was non-compliant with Regulations 17(1)(a), 17(1)(b), 17(1)(c), 17(2A), 18(1)(b), 19(1)/(2), 20(2)/(2A), and 21(2) covering board composition, committee constitution, and quorum requirements. BSE and NSE each levied fines totaling approximately Rs. 26.62 lakh during FY 2024-25. The company has attributed the non-compliance to being a Government Company where appointment of Directors vests with the President of India through the Ministry of Railways. The Board was reconstituted on 22.04.2025 with one Independent Director, and both NSE and BSE have granted waivers for fines from March 2022 to December 2025.
The non-compliance is a governance concern but has been addressed through reconstitution of the Board and committees from April 2025 onwards. The company has received fine waivers from both exchanges. For investors, this signals a temporary governance lapse that has been largely remedied.