Pursuant to Regulation 24 A of SEBI (LODR), 2015 the ASCR issued by M/s. Ragini Chokshi & Co. , Company Secretary in practice.
NIACL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The New India Assurance Company has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2025, as required under SEBI's Listing Regulations. The Practicing Company Secretary, M/s. Ragini Chokshi & Co., confirmed compliance with most applicable SEBI rules, secretarial standards, insider trading norms, and disclosure requirements. However, two non-compliances were flagged: the Board had fewer than 6 directors between December 21, 2024 and March 23, 2025, and the number of independent directors was less than half the Board's strength. Fines totaling Rs. 5,88,820 (including GST) were levied by BSE and NSE for these lapses. The company has applied for a waiver, stating that Director appointments rest solely with the Ministry of Finance, Government of India, and the company has no authority over such appointments.
This is a routine regulatory filing, but the board composition non-compliance and associated penalties are minor governance concerns. Since the lapses stem from delays in government appointments rather than internal issues, the impact on shareholders is limited, though the repeated nature of these violations across years may raise minor governance questions for institutional investors.