IRCTC received notices from BSE and NSE on 29 May 2025 regarding fines for non-compliance with Regulations 17(1), 18(1), and 19(1)/19(2) of the SEBI (LODR) Regulations, 2015.
The non-compliance relates to the composition of the Board of Directors, including the failure to appoint a woman director, and the constitution of the Audit Committee and the Nomination & Remuneration Committee.
The period of non-compliance is the quarter ended 31st March 2025.
The amount of the fine is ₹11,91,800 each from BSE & NSE, inclusive of GST.
IRCTC has represented to the Exchanges for a review of the fine, as it is a Government Company and the power to appoint Directors, including Independent Directors, vests with the President of India through the Ministry of Railways.
The company is following up with the Ministry of Railways for the appointment of the required number of Independent Directors, including an Independent Woman Director.
Similar letters have been received in the past, and waiver requests were favorably considered by the Exchanges.