National Fertilizers Limited has responded to a notice from the National Stock Exchange (NSE) regarding non-compliance with Regulation 17(1) of the SEBI (LODR) Regulations, 2015 for the quarter ended 31.03.2026. The company's Board addressed the exchange's concerns regarding the composition of its Board of Directors, specifically the adequacy of Independent Directors. The non-compliance highlights a governance gap that could expose the company to regulatory penalties.

The notice, referenced as NSE/LIST-SOP/COMB/FINES/0611 and dated 27.05.2026, was reviewed by the Board during its meeting held on 29.06.2026. In its response, the Board stated that the company had previously requested both the NSE and BSE to withdraw the notices and waive the imposed fine. The company argued that it did not have control over the appointment of Independent Directors, attributing the delay to external factors.

Following detailed deliberations, the Board observed that the company must re-engage with the Department of Fertilizers (DoF) to facilitate the appointment of an adequate number of Independent Directors. This step is intended to ensure future compliance with the Listing Regulations. The correspondence was signed by Ashok Jha, Company Secretary of National Fertilizers Limited, on 20.07.2026.

The matter underscores the challenges faced by public sector undertakings in board composition and regulatory timelines. The company's proactive engagement with the Department of Fertilizers indicates a focus on rectifying the governance lapse to avoid further regulatory action.

National Fertilizers Limited has closed its trading window for designated persons, designated employees, and their immediate relatives starting July 1, 2026. The restriction will remain in effect until 48 hours after the company declares its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This measure is intended to prevent insider trading and ensure market integrity ahead of the quarterly earnings announcement.

The closure complies with Clause 4 of Schedule B of the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended. It also follows clarifications issued by the National Stock Exchange of India Ltd. and BSE Ltd. on April 2, 2019, regarding the timing of trading window closures relative to financial results.

National Fertilizers Limited stated that the specific date for its board meeting to consider and declare the Q1FY26 results will be announced later. The unaudited financial results for the quarter ended June 30, 2026, are currently under preparation.

Ashok Jha, Company Secretary & Compliance Officer, signed the intimation confirming the trading window closure on June 22, 2026. The company has made this information available on its official website.

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