Secretarial Compliance Report for the year ended 31.03.2025
Awaiting price reaction for this filing.
State Bank of India (SBI) submitted its annual Secretarial Compliance Report for FY 2024-25, certified by M/s. Ragini Chokshi & Co., Practicing Company Secretaries. The report confirms SBI is broadly compliant with SEBI regulations, with no new actions taken by SEBI or the stock exchanges during the review period. However, SBI could not meet the SEBI LODR requirement that at least half of the board be independent directors (Regulation 17(1)(b)), since its Chairperson is an executive director; this is a repeat of the same issue flagged last year and stems from the board being constituted under the SBI Act, 1955. SBI has escalated the matter to the Department of Financial Services, Ministry of Finance. The report also references past RBI monetary penalties: Rs. 1.30 crore (September 2023) for non-compliance with directions on Loans & Advances and Intra-Group Transactions, and Rs. 2.00 crore (February 2024) for holding shares as pledgee beyond statutory limits and delays in crediting the Depositor Education and Awareness Fund.
This is a routine annual compliance filing with no fresh regulatory action against SBI. The recurring independent-director shortfall is a known structural issue tied to the SBI Act and is being pursued with the government; it is unlikely to move the stock. The RBI penalties mentioned are historical and already disclosed.