NSE and BSE Impose ₹9.77 Lakh Fine Each on RVNL for Board Composition Non-Compliance
New Delhi, March 2, 2026: Rail Vikas Nigam Limited (RVNL) has informed stock exchanges that both National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) have imposed fines of ₹9,77,040 each (inclusive of GST) for the quarter ended December 31, 2025.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Reason for Fine
The exchanges cited non-compliance with:
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Regulation 17(1) – Composition of the Board
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Regulation 18(1) – Composition of Audit Committee
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Regulation 19(1)/(2) – Composition of Nomination and Remuneration Committee
The non-compliance pertains to the composition of the Board and its committees for the quarter ended December 31, 2025.
The fine was communicated through NSE letter dated February 27, 2026, and a corresponding communication from BSE referencing SEBI’s Master Circular dated November 11, 2024.
RVNL’s Clarification
In its earlier communications dated February 9 and 11, 2026, RVNL clarified that it is a Government company under Section 2(45) of the Companies Act, 2013. As per the provisions of the Act and the company’s Articles of Association, the President of India holds the authority to appoint Directors, including Independent Directors and Woman Independent Directors, on the Board of RVNL.
The company further stated that all appointments are made by the Government of India through its administrative ministry, the Ministry of Railways, and that RVNL does not have any role in the appointment of Directors.
No Financial or Operational Impact
RVNL stated that the imposition of the fine has no impact on its financial, operational, or other activities.
The company also noted that once compliance is achieved upon appointment of the requisite number of Directors by the Ministry of Railways, it will be eligible for waiver of fines as per SEBI’s policy on exemption of fines. It further mentioned that in earlier instances of similar non-compliance, both NSE and BSE had waived the fines imposed on the company.
The disclosure was signed by Kalpana Dubey, Company Secretary and Compliance Officer of RVNL.