Key Quantitative Figures
- Fine amount: ₹4,18,900 (inclusive of GST) imposed by each exchange (BSE and NSE)
- Total fine exposure: ₹8,37,800 (combined from both exchanges)
- Current board composition: 6 total members, including 3 independent directors
Dates of Action
- May 27, 2026: Received notice of non-compliance from BSE and NSE
- May 28, 2026: Company intimation letter sent to exchanges
- May 29, 2026: Board meeting held to review the notice
Parties Involved
- BSE Limited (BSE)
- National Stock Exchange of India Limited (NSE)
- Genesys International Corporation Limited
- Kushal Jain, Company Secretary & Compliance officer
Board Response and Rationale
The Board reviewed the notice and noted that:
- The position of independent director is highly responsible and crucial
- The company prefers a candidate from Information Technology and GIS sector due to its business nature
- The selection process takes time due to intensive exercise required for screening and finalizing potential candidates
Current Board Composition
The company currently has an optimum mix of Board of Directors:
- Total board members: 6 (six)
- Independent directors: 3 (three), including one woman director
- Independent directors constitute half of the board
Financial Impact
The disclosure explicitly states the fine amount of ₹4,18,900 per exchange, totaling ₹8,37,800 for both exchanges combined.