IRCTC held a board meeting on March 24, 2026, to address significant regulatory compliance matters and organizational changes under SEBI LODR Regulations. The meeting focused on exchange-imposed fines and updates to key officer positions.

Exchange Fines for Board Composition Non-Compliance

The board addressed fines imposed by both major stock exchanges for regulatory violations during the quarter ended December 31, 2025. The company received communications from NSE and BSE on February 27, 2026, regarding these penalties.

The fines were levied for non-compliance with Regulation 17(1) of SEBI LODR Regulations, 2015, specifically relating to board composition requirements, including the failure to appoint a woman director. IRCTC promptly communicated the penalty notices to both exchanges on February 28, 2026.

Board's Response and Justification

The board deliberated on the matter and provided detailed comments regarding the circumstances leading to the non-compliance. The directors emphasized that the violation was beyond the company's direct control and highlighted proactive measures taken to address the situation.

Key points from the board's response included:

• The non-compliance was beyond the company's control
• Proactive communication with the Ministry of Railways about potential compliance issues
• Regular requests to the Administrative Ministry to expedite director appointments
• Need for requisite number of independent directors including woman independent director

The board expressed concern about the notices received from both exchanges and advised continued engagement with the Ministry of Railways to ensure compliance with SEBI LODR Regulations, 2015, Companies Act, 2013, and other applicable laws.

Chief Investor Relations Officer Changes

In addition to addressing the exchange fines, the board approved changes to the Chief Investor Relations Officer (CIRO) nomination. This decision was made pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct.

The updated details of the new CIRO are being uploaded to the company's official website for stakeholder reference. This change ensures continued compliance with insider trading regulations and maintains proper investor relations protocols.

Regulatory Compliance Framework

The meeting demonstrates IRCTC's commitment to addressing regulatory compliance issues while working within the constraints of its governance structure as a government enterprise. The company continues to engage with relevant authorities to ensure proper board composition and regulatory adherence going forward.

IRCTC catering operations are reportedly considering a temporary suspension of cooked meal services on trains. The railway catering and tourism company is planning to address the situation by providing refunds to affected passengers.

Service Disruption Details

The potential pause in cooked meal services represents a significant operational change for IRCTC's catering division. The company has indicated that passengers who have pre-ordered meals through the platform will receive appropriate refunds for their bookings.

Passenger Impact

The temporary halt in cooked meal services could affect thousands of train passengers who rely on IRCTC's catering services during their journeys. The company's decision to offer refunds demonstrates its commitment to addressing passenger concerns during this operational adjustment.

Refund Process

IRCTC plans to process refunds for passengers who have already placed orders for cooked meals. This measure aims to ensure that customers are not financially impacted by the service disruption and maintains customer satisfaction during the temporary pause in operations.