Ircon fined for board composition non-compliance by stock exchanges

IRCON International Limited has been fined Rs.9,77,040 each by both the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The fines, levied via letters/emails dated November 28, 2025, pertain to the composition of IRCON's Board and its committees for the quarter ended September 30, 2025.

IRCON clarified to the exchanges that as a government company, the president of India appoints its directors, including independent and woman directors, with appointments facilitated by the Ministry of Railways. IRCON has no direct role in these appointments and has continuously requested the Ministry for the requisite number of independent directors. The company notes that this fine has no impact on its financial, operational, or other activities and is recorded as a "contingent liability."

Upon securing the necessary appointments, IRCON anticipates eligibility for a waiver of the fines, aligning with SEBI's policy. The company also highlighted that in previous instances of non-compliance, NSE and BSE had waived off fines once the requisite compliances were met.