Secretarial Compliance Report for the financial year ended 31.03.2026
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State Bank of India has filed its Secretarial Compliance Report for the financial year ended March 31, 2026, as required under SEBI LODR Regulation 24A(2). The report, issued by M/s Parikh & Associates, Secretarial Auditors, identifies one compliance deviation: the Bank did not have the requisite number of Independent Directors on its Central Board as mandated by Regulation 17(1)(b). This is a recurring issue flagged for the third consecutive year (FY 2023-24, 2024-25, and 2025-26). The Bank received a clarification from the Stock Exchange. SBI explains that as a body corporate under the SBI Act, 1955, its independent directors are elected by shareholders or appointed by the Central Government, and the matter has been escalated to the Department of Financial Services, Ministry of Finance. All other compliance areas including policies, website disclosures, related party transactions, insider trading norms, and document preservation were found satisfactory.
The persistent board composition issue, while addressed with regulatory clarification, could attract further scrutiny if unresolved. Shareholders should note that SBI has been actively engaging with the government to address this structural compliance matter.