Date: May 28, 2026
Regulatory, Compliance & Legal Disclosures
Subex Limited has received notices dated May 27, 2026, from both the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) imposing fines for non-compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
Nature of Action
- Both stock exchanges have imposed a fine of ₹4,50,000 each (excluding GST) for non-compliance with Regulation 17(1) of SEBI LODR Regulations.
- The specific violation pertains to the composition of the Board of Directors of the Company.
Background and Context
- The non-compliance occurred following the unexpected cessation of three members of the Board on September 29, 2025, which included two Women Independent Directors.
- This reduction left the Board with only three members: two Independent Directors and the Managing Director & CEO (who is also a Woman Director).
- The Board undertook a process to identify and appoint suitably qualified candidates with extensive experience and domain expertise, in line with shareholder expectations.
- Three new Directors were appointed, and effective from March 25, 2026, the Board comprises four Independent Directors, one Non-Executive Director, and one Woman Executive Director, thereby meeting the prescribed composition requirements.
- The process involved a delay in identifying candidates with the requisite credentials consistent with shareholders' expectations.
Company Response and Status
- The company states that the non-compliance was unintentional.
- Subex Limited has already submitted an application to the Stock Exchanges seeking condonation of delay and waiver of the fine.
- The response to this application is currently awaited.
Financial Impact Assessment
- The company explicitly states that there is no material impact on financials, operations or other activities of the Company quantifiable in monetary terms.