RVNL Board Responds to Exchange Fine over Independent Director Vacancies

New Delhi | January 15, 2026 – Rail Vikas Nigam Limited (RVNL) has commented on the fines levied by the National Stock Exchange (NSE) and BSE for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, relating to the composition of its Board of Directors and subcommittees for the quarter ended 30th September 2025.

The fines were imposed due to vacancies in Independent Director positions, including the requirement for a woman Independent Director. The matter was reviewed at the Board meeting held on January 15, 2026, where the Board noted that RVNL has continuously followed up with the Ministry of Railways regarding these appointments. Multiple reminder letters have been sent requesting the Ministry to take immediate action.

The Board emphasized that, as a government-owned company, RVNL has no authority over the appointment of Directors, which is the prerogative of the Ministry of Railways.

The company has already communicated its position to NSE and BSE in letters dated 28th and 29th November 2025, and the Board’s deliberation on January 15 serves as an official record for compliance purposes.