Manappuram Finance Limited has informed the Exchange about Action(s) taken or orders passed
MANAPPURAM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Reserve Bank of India has imposed a monetary penalty of Rs 2.70 lakh on Manappuram Finance Limited for not complying with RBI directions on deferral of variable pay for two of its Key Managerial Personnel during FY 2024-25. The company paid the entire variable pay upfront to these two KMPs instead of deferring a portion as required under RBI's compensation guidelines for NBFCs. Manappuram has already revised its remuneration policy to include mandatory deferral of variable pay along with malus and clawback provisions, and is recovering the deferred portion from the two concerned KMPs in instalments. The company stated that the penalty has no material impact on its financials or operations.
The penalty amount is negligible (Rs 2.70 lakh) and explicitly stated as non-material to the company's financials, so this is unlikely to have any meaningful effect on the stock price. It is a minor regulatory compliance issue that the company has already addressed through policy changes.