Max Financial Services Fined ₹4,720 for NRC Compliance Lapse
Max Financial Services Ltd has addressed a temporary non-compliance with Regulation 19 of the Listing Regulations concerning the composition of its Nomination and Remuneration Committee (NRC). The deviation occurred for two days in the quarter ended March 31, 2026, due to the retirement of an Independent Director. The Board of Directors acknowledged this procedural lapse, noting that Independent Directors still formed a majority on the NRC and no meetings were held during the non-compliance period. Following the appointment of a new Independent Director and subsequent co-option to the NRC on April 9, 2026, full compliance was restored. The company has paid a fine of ₹4,000 plus GST (total ₹4,720) to each stock exchange and assured measures to prevent future recurrences, emphasizing adherence to governance standards.
Key Highlights
- Temporary NRC compliance lapse due to director retirement.
- Independent directors remained majority on NRC.
- Fine of ₹4,720 paid to stock exchanges.
- Full compliance restored with new director's co-option.
- Company committed to highest governance standards.
Price Impact
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