The National Stock Exchange (NSE) has levied a fine of ₹9,77,040 (inclusive of GST) on Rail Vikas Nigam Limited (RVNL). The fine is due to non-compliance with regulations regarding the composition of the Board and its committees for the quarter ended September 30, 2025. RVNL has clarified it is a government company, and director appointments are made by the President of India.
NSE Fine Imposed
Rail Vikas Nigam Limited (RVNL) has received a fine from the National Stock Exchange (NSE) amounting to ₹9,77,040, inclusive of Goods and Services Tax (GST). The NSE communicated this decision via letter number NSE/LIST/C/2025/1268, dated November 28, 2025.
Reason for the Fine
The penalty was imposed due to non-compliance with specific regulations. These included Regulation 17(1), 18(1), and 19(1)(2), related to the composition of RVNL’s Board and its various committees. The period of non-compliance pertains to the quarter ending September 30, 2025.
Company Clarification
RVNL, in its letter dated November 12, 2025, clarified to the NSE that it is a Government company. As such, the power to appoint Directors, including Independent and Woman Independent Directors, rests with the President of India. The appointments are facilitated through the Ministry of Railways (MoR). RVNL has no direct influence on these appointments.
Impact Assessment
RVNL states that the imposition of this fine is not expected to have any financial or operational impact on the activities of the company.
Source: BSE