532348 Fined ₹4.5 Lakh Each by NSE & BSE for Board Composition Non-Compliance

National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) have each imposed a fine of ₹4,50,000 (excluding GST) on 532348 for non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertaining to the composition of the Board of Directors. The notices were issued on May 27, 2026. The company stated that the non-compliance was unintentional, stemming from the unexpected cessation of three board members, including two Women Independent Directors, on September 29, 2025. The board's composition has since been rectified, effective March 25, 2026, and now meets the prescribed requirements. The company has applied to the Stock Exchanges for condonation of delay and waiver of the fine, with a response pending. The company asserts there is no material impact on its financials, operations, or other activities.