Bank of Maharashtra gets SEBI warning in failing to conduct NRC meetings
Bank of Maharashtra receives SEBI warning for non-compliance in NRC meetings for FY 2022-23 and 2023-24; shares rise 2.86% to Rs 45.74.
New Delhi: Public-Sector Lender Bank of Maharashtra Ltd has received an administrative warning from the Securities and Exchange Board of India (SEBI) as the bank has been failed to conduct the required Nomination & Remuneration Committee (NRC) meetings in FY 2022-23 and 2023-24.
The Exchange is hereby informed that the Bank has received an administrative warning letter no. SEBI/HO/CFD/SEC-1/OW/P/2025/08005/1 dated 12.03.2025 regarding non-conduct of Nomination & Remuneration Committee (NRC) Meeting in the FY 2022-23 & 2023-24 resulting into violation of Regulation 19(3A) of SEBI LODR Regulations, 2015," it said in an exchange filing.
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The warning letter, dated March 12, 2025, was received by the bank on March 17, 2025. While responding, the bank stated that it has taken cognizance of SEBI’s directive and will take necessary steps to address the concerns raised. "We have taken cognizance of the aforesaid letter and the bank will initiate necessary steps to address the concerns/directives as mentioned in the letter, it added.
Shares of Bank of Maharashtra are trading higher by 2.86% at Rs 45.74.
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