Indian Railway Finance Corporation Ltd ( IRFC ) has appointed two firms as its joint statutory auditors for the financial year 2026-27. The Comptroller and Auditor General of India (C&AG) confirmed the appointments in a communication dated September 9, 2026.

The company disclosed the appointment to stock exchanges on September 10, 2026, pursuant to SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The audit mandate is issued under Section 139 of the Companies Act, 2013.

Appointed Audit Firms

The C&AG has designated the following Chartered Accountancy firms for the upcoming fiscal year:

This is a routine corporate governance disclosure. No financial results or operational metrics were included in the filing.

Indian Railway Finance Corporation Ltd was fined ₹13.72 lakh each by the Bombay Stock Exchange and the National Stock Exchange for non-compliance with board composition regulations.

Indian Railway Finance Corporation Ltd disclosed the penalties on August 26, 2026, under Regulation 30 of the SEBI (LODR) Regulations, 2015. The fines relate to violations observed during the quarter ended June 30, 2026.

Regulatory Violations

The exchanges cited breaches of Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2). These rules govern:

• Composition of the Board
• Quorum of Board meetings
• Constitution of statutory committees including Audit, Nomination and Remuneration, Stakeholder Relationship, and Risk Management

The company stated that the penalties have no impact on its financial or operational activities.

Government Appointment Process

As a Government of India Enterprise, IRFC noted that the power to appoint directors rests with the President of India through the Ministry of Railways. The company confirmed it has no control over these appointments but has repeatedly requested the ministry to appoint the requisite number of independent directors, including a woman independent director, to ensure compliance with SEBI listing regulations and DPE guidelines.

Waiver Request

IRFC highlighted that BSE and NSE had previously waived similar fines for periods between March 2021 and December 2025. Consequently, the company has requested both exchanges to waive the current fines levied under the SEBI Standard Operating Procedure circular.