Board notes temporary NRC composition deviation, pays fine to BSE and NSE
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Max Financial Services disclosed a temporary shortfall in its Nomination and Remuneration Committee (NRC) composition for 2 days in March 2026. After Mr. K. Narasimha Murthy's retirement as Independent Director on March 29, only 3 of 5 NRC members were independent. Mr. Bharat Anand was co-opted on April 9, restoring full compliance. The Board called the deviation procedural, noting no NRC meeting was held during the gap. The company paid a fine of about INR 4,720 (INR 4,000 plus GST) to each of BSE and NSE.
Minor procedural fine for a brief compliance gap already fixed. No material impact on business or shareholders.