Please find enclosed herewith Annual Secretarial Compliance Report for the FY 2024-25.
STCINDIA · price
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State Trading Corporation of India (STC), a Government of India enterprise, filed its Annual Secretarial Compliance Report for FY 2024-25 with BSE and NSE, as mandated under SEBI's Regulation 24A. The report, issued by M/s. Parveen Rastogi & Co., flagged multiple non-compliance issues under SEBI LODR Regulations 2015. Key gaps include improper Board composition — shortage of independent directors and incomplete Audit, Nomination & Remuneration, and Stakeholders Relationship Committees — largely because director nominations fall under the Ministry of Commerce & Industry's purview. The Audit Committee met only 3 times instead of the required 4 in FY 2024-25, and the Compliance Officer is not positioned one level below the Board. BSE and NSE had earlier levied fines of Rs 3,08,080 each for the quarter ended March 2024 for these violations. The structural digital database requirement under SEBI Insider Trading rules was complied with from October 2024.
The repeated governance lapses and stock exchange fines reflect structural weaknesses typical of PSUs awaiting government-appointed directors, which may continue attracting penalties. While not financially material, these compliance shortfalls can dent investor confidence and signal weak board oversight at the company.