Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Imposition of fine by Stock Exchanges
SUBEXLTD · price
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Both NSE and BSE have imposed fines of Rs. 4,50,000 each (excluding GST) on Subex Limited for violating Regulation 17(1) of SEBI LODR Regulations, which pertains to board composition requirements. The violation occurred after three board members, including two Women Independent Directors, unexpectedly resigned on September 29, 2025, leaving the board with only three members. The company has since appointed three new directors effective March 25, 2026, and the board now meets prescribed composition requirements. Subex claims the non-compliance was unintentional and has applied for condonation of delay and waiver of the fine.
The fine amount is relatively small and the company states there is no material financial or operational impact. However, this reflects a governance lapse where the board composition fell below SEBI requirements temporarily, which may concern investors focused on corporate governance standards.