Indian Railway Finance Corporation Receives NSE Waiver of Fines for Multiple Quarters
Indian Railway Finance Corporation Limited has received communication from the National Stock Exchange of India Limited regarding the waiver of fines levied for quarters spanning from March 2022 to December 2025. The waiver covers violations under multiple SEBI LODR Regulations including 17(1), 17(2A), 18, 19, 20 and 21. The NSE's decision was communicated via email dated April 24, 2026, following the company's request for waiver based on SEBI Master Circular dated November 11, 2024. Vijay Babulal Shirode, Company Secretary & Compliance Officer, signed the disclosure.
*this image is generated using AI for illustrative purposes only.
Indian Railway Finance Corporation Limited has informed the stock exchanges about receiving a waiver of fines from the National Stock Exchange of India Limited (NSE) for multiple quarters. The waiver covers the period from March 2022 to December 2025, following the company's request submitted pursuant to SEBI Master Circular No SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.
The NSE communicated its decision through an email dated April 24, 2026, stating that the request for waiver of fines has been considered favourably. The waiver applies to fines levied under specific provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Applicable Regulations
The waiver covers fines levied with respect to the following SEBI LODR Regulations:
| Regulation Number | Description |
|---|---|
| 17(1) | Board of Directors requirements |
| 17(2A) | Additional board provisions |
| 18 | Code of conduct |
| 19 | Secretarial audit |
| 20 | Compliance officer |
| 21 | Investor service |
The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which requires listed companies to inform the exchanges about material events. The company submitted the intimation for the information and record of the exchanges and stakeholders.
Key Details
| Particulars | Details |
|---|---|
| Waiver Period | March 2022 to December 2025 |
| NSE Communication Date | April 24, 2026 |
| SEBI Master Circular Reference | SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 |
| Scrip Symbol (NSE) | IRFC |
| Scrip Code (BSE) | 543257 |
The disclosure was signed by Vijay Babulal Shirode, Company Secretary & Compliance Officer of Indian Railway Finance Corporation Limited, on April 24, 2026. The company is a Government of India Enterprise with its registered office located at UG Floor, East Tower, NBCC Place, Bhisham Pitamah Marg, Pragati Vihar, Lodhi Road, New Delhi.
Historical Stock Returns for IRFC
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.09% | +0.66% | +16.18% | -16.94% | -22.66% | +392.51% |
What structural changes has IRFC implemented to prevent future SEBI compliance violations across board composition and committee requirements?
How might this fine waiver impact IRFC's credit rating and borrowing costs for upcoming railway infrastructure financing projects?
Will NSE's lenient approach toward IRFC influence other PSU companies to seek similar regulatory fine waivers?
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