IRCTC fined by exchanges over board composition lapse

Indian Railway Catering & Tourism Corporation (IRCTC) announced on November 30, 2025, that it has received notices from BSE Limited and the National Stock Exchange of India Limited (NSE) regarding fines for non-compliance with board composition regulations. The non-compliance stems from the failure to appoint a woman director for the quarter ended September 30, 2025.

Each exchange has imposed a fine of ₹5,42,800, inclusive of 18% GST. IRCTC has represented to the exchanges for a review, noting that as a government company, the power to appoint directors rests with the President of India, channeled through the Ministry of Railways. The company is actively pursuing the appointment of requisite independent directors, including a woman independent director, with the Ministry of Railways.

IRCTC stated that these fines will have no impact on its financial, operational, or other activities. The company also mentioned that similar letters have been received in the past, and waiver requests have been favorably considered by the exchanges.