BSE Rejects Kerala Ayurveda's Waiver Application for ₹5,31,000 Fine Related to Board Composition Non-Compliance
BSE Limited rejected Kerala Ayurveda Limited's waiver application for a ₹5,31,000 fine imposed for board composition non-compliance under Regulation 17(1) during October 2024 to June 2025. The company had filed the waiver application on September 9, 2025, but received rejection notification on April 16, 2026. Kerala Ayurveda had already paid the fine under protest on March 10, 2026, and confirmed no additional material financial implications from the penalty.

*this image is generated using AI for illustrative purposes only.
Kerala Ayurveda Limited has received notification from BSE Limited regarding the rejection of its waiver application for a regulatory fine of ₹5,31,000. The rejection was communicated via email on April 16, 2026, marking the end of the company's attempt to seek relief from the penalty imposed by the stock exchange.
Fine Details and Background
The fine was originally imposed by BSE on August 29, 2025, for non-compliance with board composition requirements under Regulation 17(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The violation period extended from October 1, 2024 to June 30, 2025.
| Parameter: | Details |
|---|---|
| Fine Amount: | ₹5,31,000 (including GST @ 18%) |
| Original Imposition Date: | August 29, 2025 |
| Violation Period: | October 1, 2024 to June 30, 2025 |
| Regulation Violated: | Regulation 17(1) of Listing Regulations |
Waiver Application Timeline
Kerala Ayurveda had filed a waiver application with BSE on September 9, 2025, seeking relief from the imposed fine. However, after approximately seven months of consideration, BSE rejected the application on April 16, 2026.
| Event: | Date |
|---|---|
| Fine Imposed: | August 29, 2025 |
| Waiver Application Filed: | September 9, 2025 |
| Payment Made (Under Protest): | March 10, 2026 |
| Waiver Application Rejected: | April 16, 2026 |
Financial Impact and Company Response
Despite the rejection of its waiver application, Kerala Ayurveda had already remitted the fine amount to BSE Limited under protest on March 10, 2026. The company has indicated that apart from the payment of the fine, there are no other material financial implications arising from this regulatory action.
Regulatory Compliance Disclosure
The company has fulfilled its disclosure obligations under Regulation 30 read with Schedule III of the Listing Regulations, providing detailed information as required by SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The disclosure includes comprehensive details about the authority involved, nature of the action, violation specifics, and financial impact assessment.
Historical Stock Returns for Kerala Ayurveda
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.82% | +5.72% | +49.17% | -42.36% | -26.84% | +394.29% |
Will Kerala Ayurveda face additional regulatory scrutiny or monitoring from BSE following this board composition violation?
How might this regulatory penalty impact Kerala Ayurveda's credit rating or ability to raise capital in the near term?
Could this rejection signal a broader tightening of BSE's stance on waiver applications for listing regulation violations?


































