Annual Secretarial Compliance Report for the year ended 31sr March, 2025
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Market Creators Ltd submitted its Annual Secretarial Compliance Report for FY2024-25, reviewed by Practicing Company Secretary Heena Patel. The report flagged six instances of non-compliance with SEBI LODR Regulations, attracting BSE fines totalling roughly Rs 4.69 lakh plus GST. The lapses related to: (1) improper Board composition under Reg 17(1) — fine Rs 45,000, (2) delayed submission of AGM voting results under Reg 44(3) — fine Rs 10,000, (3) failure to appoint a qualified Company Secretary under Reg 6(1) — fine Rs 30,000, (4-6) non-constitution of Audit Committee (Reg 18), Nomination & Remuneration Committee (Reg 19), and Stakeholders Relationship Committee (Reg 20) — fines of Rs 1.28 lakh each. The company has subsequently appointed the Company Secretary (31 July 2024) and constituted the required committees, with applications pending for the Board composition matter. Additionally, SEBI briefly froze demat accounts of certain directors and their relatives from 23 to 26 December 2024.
The multiple governance lapses and cumulative fines point to weak compliance hygiene, which may concern governance-focused investors. However, the company has since rectified most issues, and no major SEBI action is pending against the entity itself.