IFCI Limited has issued a formal clarification to BSE Limited addressing concerns about unusual trading activity in the company's securities. The response comes after BSE's surveillance department raised queries about significant volume increases observed across exchanges.

BSE Surveillance Query

The BSE surveillance department, through letter number L/SURV/ONL/PV/SG/2025-2026/979 dated March 16, 2026, sought clarification from IFCI Limited regarding the notable increase in trading volume of the company's securities. The query was part of BSE's routine surveillance mechanism to monitor unusual market movements.

Company's Response

IFCI Limited, through its Company Secretary and Compliance Officer Priyanka Sharma, provided a clear response to the exchange's inquiry:

Official Statement

The company categorically stated that there is no information or event in its possession that would have a bearing on the movement in price or volume behavior of the company's security. This standard response indicates that the volume surge was not driven by any company-specific developments or material information.

Corporate Details

IFCI Limited, established in 1948, operates from its registered office at IFCI Tower, 61 Nehru Place, New Delhi. The company has been contributing to the nation's development for over seven decades and maintains transparency in its communications with stock exchanges and regulatory authorities.

IFCI Limited has announced the re-appointment of Shri Jagdish Garwal as Chief Risk Officer (CRO), extending his tenure for another year as per regulatory requirements. The financial services company informed stock exchanges about this key management decision following RBI governance directions.

Re-appointment Details

The company has re-appointed Shri Jagdish Garwal, General Manager, as Chief Risk Officer in compliance with RBI (NBFC-Governance) Directions dated November 28, 2025. The re-appointment becomes necessary as his current tenure ends on February 28, 2026.

Professional Background

Shri Jagdish Garwal brings substantial experience and qualifications to his role as Chief Risk Officer. He has been serving as the CRO of the company for the last two years, demonstrating continuity in the risk management function.

Educational Qualifications and Experience

Departmental Expertise

Garwal's extensive career at IFCI spans multiple critical departments, providing him with comprehensive understanding of the organization's operations:

• Information Technology (IT)
• Sugar Development Fund
• Vigilance
• Recovery operations
• Internal Audit

Regulatory Compliance

The re-appointment has been communicated to both National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This ensures compliance with disclosure requirements for changes in key management personnel.

Company Information

IFCI Limited, established in 1948, operates as a government undertaking in the financial services sector. The company is headquartered at IFCI Tower, 61 Nehru Place, New Delhi, and continues its role in the nation's development through various financial services and lending activities.