BSE has imposed a fine of ₹9,77,040 (inclusive of GST) on Rail Vikas Nigam Limited (RVNL) due to non-compliance in the composition of the Board and its committees for the quarter ended September 30, 2025. The non-compliance pertains to regulations 17(1), 18(1), and 19(1)/(2). RVNL has clarified its position as a Government company regarding director appointments.
BSE Fine Imposed
Rail Vikas Nigam Limited (RVNL) has received a fine from the Bombay Stock Exchange (BSE) amounting to ₹9,77,040, which includes Goods and Services Tax (GST). The matter relates to non-compliance concerning the composition of RVNL’s Board and various committees.
Details of Non-Compliance
The penalty arises from contraventions of regulations 17(1), 18(1), and 19(1)/(2), related to the appropriate structure of the Board and its committees. This non-compliance was flagged for the quarter ending September 30, 2025.
RVNL’s Clarification
RVNL, in its letter dated November 12, 2025, has clarified that it is a Government of India company. As such, director appointments, including independent directors and women independent directors, are handled by the President of India. The Ministry of Railways (MoR) oversees these appointments, and RVNL has no direct role in this process.
No Impact on Operations
RVNL has stated that this fine has no impact on its financial or operational activities.
Source: BSE