NSE and BSE impose fines on IREDA for Board composition non-compliance
IREDA · price
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On the reaction day the stock moved 1.2 pts less than Nifty Midcap 150 and 0.4 pts more than its Financial Institution peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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NSE and BSE each imposed a fine of Rs 14,19,540 (inclusive of GST) on IREDA for non-compliance with SEBI Listing Regulations on Board and Committee composition. IREDA clarified that as a Government Company, director appointments are made by the President of India through MNRE, and the company has no role in it. The matter will be placed before the Board. IREDA is pursuing MNRE for appointing Independent Directors to ensure compliance.
Minor financial penalty with no operational impact. Issue is structural since IREDA is a Government Company awaiting director appointments from MNRE.