Indian Railway Catering and Tourism Corporation (IRCTC) has formally requested a waiver of fines totaling ₹10,23,060 per exchange imposed by NSE and BSE. The fines were for non-compliance with SEBI (LODR) Regulations for the quarter ending June 30, 2026, and a separate fine for FY 2025-26. The Board acknowledged these lapses were beyond the company’s control and attributed them to delays in appointing independent directors, urging the Ministry of Railways to expedite the process.
IRCTC Responds to Exchange Fines
Indian Railway Catering and Tourism Corporation Limited (IRCTC) has initiated a process to seek a waiver for penalties levied by the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The total fines amounted to ₹10,23,060 for each exchange, relating to non-compliance with specific provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended June 30, 2026. An additional fine of ₹29,500 each was imposed for non-compliance with Regulation 44(5) for the financial year 2025-26.
Board’s Deliberations and Actions
At its meeting on October 28, 2026, the IRCTC Board reviewed the non-compliance issues. The Board noted that the breaches concerning Regulations 17(1), 18(1), 19(1)/(2), 20(2)/(2A), and 21(2) of the SEBI LODR Regulations were due to circumstances beyond the company’s control. IRCTC had proactively informed its administrative ministry, the Ministry of Railways, about potential non-compliances.
The Board expressed concern over the notices and advised requesting the administrative ministry to expedite the appointment of the requisite number of Independent Directors, including a Woman Independent Director, to ensure ongoing compliance with SEBI LODR Regulations and the Companies Act, 2013.
AGM Compliance and Fine Waiver Request
Further, the non-receipt of comments from the Comptroller and Auditor General of India (C&AG) within the stipulated timeframe prevented IRCTC from convening its 27th Annual General Meeting (AGM) by the regulatory deadline of August 31, 2026. Following the receipt of C&AG comments on September 04, 2026, the Company promptly dispatched the Notice along with the full Annual Report on September 07, 2026, thereby complying with Regulation 36 of SEBI LODR Regulations and relevant sections of the Companies Act, 2013. The 27th AGM was successfully conducted on September 29, 2026.
The Board has authorized the Director (Finance) and Company Secretary to submit a formal request to NSE and BSE for a waiver of the imposed fines.
Source: BSE
