IRFC seeks fine waiver after board non-compliance

Indian Railway Finance Corporation (IRFC) on October 9, 2025, issued a statement regarding non-compliance notices from NSE and BSE, dated August 29, 2025. The notices pertained to deficiencies in the composition of its board, quorum for board meetings, and the constitution of key committees, including Audit, Nomination and Remuneration, Stakeholder Relationship, and Risk Management, for the quarter ended June 30, 2025. These issues fall under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which led to a fine being imposed on the company.

The matter was deliberated in a board meeting on September 19, 2025. The board noted that the appointment of directors is beyond the company's control as IRFC is a government company, with the power to appoint directors vested in the President of India through the Ministry of Railways (MOR). Consequently, the board requested the Ministry of Railways to expedite the appointment of the requisite number of independent directors.

IRFC has also requested the stock exchanges to waive the imposed fine, citing that similar non-compliance instances from March 2021 to December 2021 had previously resulted in waived fines by both NSE and BSE.