Power Finance Corporation Limited has informed the Exchange regarding 'Annual Secretarial Compliance Report for the year ended 31st March, 2026'.
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Power Finance Corporation Limited (PFC) has filed its Annual Secretarial Compliance Report for FY 2025-26 under SEBI Regulation 24A. The secretarial auditor T. Chatterjee & Associates identified multiple compliance violations during the period 01-04-2025 to 20-04-2025, primarily related to board composition requirements. The company failed to maintain the required 50% composition of non-executive directors, did not have independent directors appointed on the Board, and consequently the Audit Committee, NRC, SRC, and RMC lacked independent directors during that period. On 29-05-2025, both BSE and NSE imposed a consolidated fine of Rs. 3,89,000/- for these violations. All compliance gaps were subsequently rectified from 17-21 April 2025. The company is a Central Public Sector Unit where board appointments vest with the Ministry of Power, Government of India. Other areas including secretarial standards, RPT compliance, insider trading norms, and document preservation were found satisfactory.
The compliance violations and resultant fine of Rs. 3.89 lakh indicate governance gaps during April 2025, though the company has since regularized its board composition. For a government-owned NBFC, this is a relatively minor regulatory issue and unlikely to significantly impact the stock, but investors should note that board composition delays remain a risk due to government appointment processes.