IRFC Fined for Board Composition Non-Compliance

NSE and BSE levied fines totalling ₹9,77,040 each (inclusive of GST) on IRFC for non-compliance with SEBI LODR Regulations for Q3 FY26 (quarter ended December 2025).
Non-compliances pertain to Board composition (Reg. 17(1)), Audit Committee constitution (Reg. 18(1)), and NRC constitution (Reg. 19(1)/19(2)) for 92 days.
IRFC's Board, in its meeting on 9th March 2026, directed follow-up with Ministry of Railways to expedite Independent Director appointments and sought waiver of fines from exchanges.
IRFC cited that, being a Government Company, Director appointments vest with the President of India via MoR, and cited a precedent waiver granted for March–December 2021.