NCL Research & Financial Services Limited has submitted its Annual Secretarial Compliance Report for the Financial Year 2025-26 to BSE Limited, fulfilling its regulatory obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was submitted on April 10, 2026, by Managing Director Goutam Bose.

Regulatory Compliance Framework

The Annual Secretarial Compliance Report was prepared by Kriti Daga, a practicing company secretary from Kolkata, in accordance with Regulation 24A of SEBI (LODR) Regulations, 2015 and SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 8, 2019. The audit examined the company's compliance with various SEBI regulations and circulars for the financial year ended March 31, 2026.

Scope of Regulatory Examination

The secretarial audit covered compliance with multiple SEBI regulations, including:

• Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
• Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
• Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
• Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
• Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
• Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018

Compliance Assessment Results

The comprehensive audit evaluated 12 key compliance areas, with the company demonstrating adherence to regulatory requirements across most parameters:

Previous Violations and Remedial Actions

The report identified one previous compliance issue that has been addressed:

Key Compliance Highlights

The company maintained compliance with critical regulatory requirements including the Structural Digital Database under SEBI (Prohibition of Insider Trading) Regulations, 2015. No events of statutory auditor appointment, re-appointment, or resignation occurred during the review period. The company also confirmed that no actions were taken against it by SEBI or stock exchanges during the financial year.

Corporate Governance Standards

The audit confirmed that NCL Research & Financial Services Limited has adopted all applicable policies under SEBI regulations with board approval. The company maintains a functional website with timely dissemination of required documents and information. Performance evaluations of the board, independent directors, and committees were conducted as prescribed under SEBI regulations.

NCL Research & Financial Services Limited has filed a NIL report with BSE Limited, confirming the non-applicability of SEBI LODR Regulation 57(5) for the quarter ended March 31, 2026. The Mumbai-based financial services company stated that it has not issued any non-convertible securities during the period.

Regulatory Compliance Declaration

The company submitted its compliance report on April 9, 2026, addressing the requirements under Regulation 57(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The regulation mandates companies to report on payment obligations related to non-convertible securities.

Company Background

NCL Research & Financial Services Limited operates under CIN L65921MH1985PLC284739 and is headquartered at Tulsiani Chambers, Nariman Point, Mumbai. The company trades on BSE under scrip code 530557.

Management Statement

The NIL report was digitally signed by Goutam Bose, Managing Director (DIN: 02504803), confirming that since the company has not issued any non-convertible securities, payment of interest or principal on NCDs/Bonds is not applicable for the specified quarter. The filing ensures compliance with SEBI's disclosure requirements for listed entities.