Rail Vikas Nigam fined for board composition non-compliance

Rail Vikas Nigam Limited (RVNL) has been fined INR 9,77,040 (inclusive of GST) by the National Stock Exchange (NSE) for non-compliance with Regulations 17(1), 18(1), and 19(1)(2) concerning the composition of its board and committees. This penalty relates to the quarter ended September 30, 2025, with the order received on November 28, 2025. The company stated this fine has no material impact on its financial, operational, or other activities.

RVNL clarified that as a government company under Section 2(45) of the Companies Act, 2013, the President of India, through the Ministry of Railways, appoints all directors, including independent and woman independent directors. RVNL asserts it has no role in these appointments.

The company also noted that upon achieving compliance with SEBI (LODR) Regulations regarding director appointments, it would be eligible for a waiver of fines as per SEBI's policy. Previous instances of non-compliance reportedly saw fines waived by both NSE and BSE.