India Tourism Development Corporation Ltd has requested a waiver of penalties imposed by stock exchanges for failing to maintain the minimum number of directors and requisite independent directors, including a woman independent director, on its Board. The non-compliance was identified in the Integrated Governance Report filing for the quarter ended March 31, 2026, under SEBI (LODR) Regulations 2015. The company argues that since directors are appointed by the Government of India through the Administrative Ministry, the shortfall is not its fault.

Board response and waiver request

The Board of Directors, in its meeting held on June 30, 2026, acknowledged the non-compliance regarding rules 17 to 19 of the SEBI (LODR) Regulations 2015. It observed that the appointment of directors is outside the company's control, necessitating a request for a waiver of the fine. The company stated it is actively following up with the concerned appointing authority to achieve compliance.

Regulatory timeline

The exchanges had initially communicated the issue via an email on May 27, 2026, regarding the fine for the non-compliance. ITDC responded to this communication on June 10, 2026, and subsequently placed the matter before its Board as directed by the exchange. The final response seeking the waiver was submitted to the National Stock Exchange of India Limited on July 14, 2026.

India Tourism Development Corporation Ltd has closed its trading window for designated persons and their relatives from July 1, 2026, to prevent insider trading ahead of its quarterly financial results. The restriction will remain in effect until 48 hours after the declaration of the unaudited financial results for the quarter ended June 30, 2026. This measure is in accordance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct.

The unaudited financial results for the first quarter are scheduled to be placed before the Audit Committee and the Board at a meeting expected to be held by August 14, 2026. Consequently, the trading window closure is effective from Wednesday, July 1, 2026. Designated persons, insiders, and their immediate relatives are prohibited from trading in the shares of the company during this period.

The closure follows Clause 7.2 of the company's revised Code of Conduct for Prevention of Insider Trading, which mandates trading restrictions from the end of every quarter until 48 hours after the results are declared. The notice was signed by V. K. Jain, Company Secretary of India Tourism Development Corporation Ltd, on June 23, 2026.

The communication has been distributed to all directors, employees of the finance and accounts division, and the Ministry of Tourism, which is the promoter. Additionally, external parties such as M/s UCC & Associates LLP and Sahini Bansal & Associates, who have access to unpublished price-sensitive information (UPSI), have been informed.