Tax & Penalty27 May 2026, 10:31 pm
IRCON Fined ₹9.56 Lakh Each by NSE & BSE for Non-Compliance
AI Summary
IRCON International Ltd. has been fined ₹9,55,800 each by the National Stock Exchange of India (NSE) and BSE Limited for non-compliance with SEBI regulations 17(1), 18(1), and 19(1)/19(2) concerning the composition of the Board and its committees for the quarter ended March 31, 2026. IRCON clarified that as a government company, director appointments are made by the President of India through the Ministry of Railways. The company has requested the ministry to appoint the required number of independent directors. IRCON has identified the fine under “contingent liability” in its financial statements and anticipates a waiver upon compliance.
Key Highlights
- NSE and BSE fined IRCON ₹9.56 Lakh each for non-compliance with SEBI regulations.
- The non-compliance pertains to the composition of the Board and its committees.
- IRCON clarified that director appointments are made by the Government of India.
- The company has requested the Ministry of Railways to appoint independent directors.
- IRCON expects a waiver of fines upon attaining compliance with SEBI regulations.