RITES Board Comments on Fine by Stock Exchanges for Board Composition Non-Compliance

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RITES · price

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AI summary

NSE and BSE each levied a fine of about Rs 94,400 on RITES Limited for not complying with SEBI Listing Regulation 17(1), related to Board composition, specifically failure to appoint a woman director, for the quarter ended March 31, 2026. The Board met on June 25, 2026, and noted the non-compliance was beyond the company is control. Since RITES is a Government company, the power to appoint Independent Directors lies with the President of India through the Ministry of Railways. The company had already informed the Ministry about the potential non-compliance in advance.

Likely market impact

Minor total fine of about Rs 1.88 lakh. Underlying issue is a board composition gap pending government appointment of a woman director.