Olympic Cards Ltd Receives Partial Waiver of BSE Regulatory Fines Worth Rs.4,98,560

Olympic Cards Ltd has received a partial waiver of regulatory compliance fines from the Bombay Stock Exchange (BSE), with the exchange waiving Rs.4,98,560 in penalties while Rs.2,76,000 remains outstanding for various SEBI LODR regulation violations.

BSE Grants Partial Relief for COVID-Period Violations

The BSE's Internal Regulatory Oversight and Review Group, in its meeting held on March 20, 2026, approved the waiver of fines related to the December 2020 quarter. The decision was based on the company's submissions regarding COVID-19 pandemic-related disruptions that affected compliance activities.

Regulation	Quarter	Original Fine (Rs.)	Amount Waived (Rs.)	Status
7(1)	Dec-20	1,08,560	1,08,560	Fully Waived
6(1)	Dec-20	92,000	92,000	Fully Waived
6(1)	Mar-21	90,000	90,000	Fully Waived
20(2)/(2A)	Dec-20	1,84,000	1,84,000	Fully Waived
13(3)	Mar-20	10,000	10,000	Fully Waived
31	Mar-20	22,000	22,000	Fully Waived

Outstanding Fines for Recent Violations

Despite the partial relief, Olympic Cards still faces outstanding fines totaling Rs.2,76,000 for violations in the December 2024 quarter, primarily related to independent director compliance requirements.

Regulation	Quarter	Outstanding Fine (Rs.)	Issue
18(1)	Dec-24	72,000	Independent Director Compliance
19(1)/19(2)	Dec-24	72,000	Stakeholder Committee Composition
19(1)/(2)	Dec-20	1,24,000	Committee Composition
31	Dec-20	8,000	Corporate Governance Reporting

Company's Defense and Clarifications

Olympic Cards, through Managing Director N. Mohamed Faizal, has submitted detailed clarifications to BSE defending its compliance status. The company argues that it appointed a new independent director within the allowed three-month period through an Extra-Ordinary General Meeting, which was promptly communicated to BSE.

For the December 2020 violations, the company cited several mitigating factors:

COVID-19 pandemic and severe lockdown disruptions
Prolonged illness and subsequent death of the Company Secretary on February 3, 2021
Inadvertent omission by sub-staff in including committee member details
Filing of revised Corporate Governance report on February 19, 2021

Regulatory Context and Payment Details

The fines were levied under various SEBI LODR regulations covering corporate governance, disclosure requirements, and committee compositions. The company has been given banking details for payment of outstanding fines, with an additional 18% GST applicable, bringing the total payable amount to Rs.3,25,680.

Olympic Cards continues to seek complete waiver of all outstanding penalties, citing compliance with regulatory requirements within permitted timeframes and the exceptional circumstances during the COVID-19 period when BSE itself had announced general waivers for affected quarters.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+8.36%	+2.76%	-2.30%	-1.97%	-9.70%	+24.69%

Olympic Cards Ltd has submitted a detailed clarification to the Bombay Stock Exchange (BSE) requesting waiver of fines imposed for various SEBI LODR (Listing Obligations and Disclosure Requirements) compliance violations. The company is seeking relief from penalties totaling Rs. 3.90 lakh across multiple regulatory breaches spanning different quarters.

December 2020 Quarter Violations

The company is requesting waiver of fines totaling Rs. 2.46 lakh for three regulatory violations during the December 2020 quarter. The penalties were initially levied but have since been waived by BSE, with no residual penalty remaining.

Regulation	Quarter	Original Penalty (Rs.)	Penalty Waived (Rs.)
Reg.19(1)/(2)	Dec.2020	1,46,320	1,46,320
Reg.7(1)	Dec.2020	92,000	92,000
Reg.31	Dec.2020	8,000	8,000

Olympic Cards attributed these violations to extraordinary circumstances during the COVID-19 pandemic. The company explained that Mr. N. Mohamed Faizal, Managing Director, was included as an additional member in the Stakeholders Relationship Committee during their Board Meeting held on July 31, 2020, fulfilling the conditions of Regulation 19(2) of SEBI LODR.

COVID-19 Impact on Compliance

The company cited severe disruptions caused by the pandemic, including the prolonged illness and subsequent death of their Company Secretary on February 3, 2021. Due to these circumstances, their staff inadvertently omitted to include the additional member's name in the Stakeholders Relationship Committee in the Corporate Governance report for the December 2020 quarter. The company filed a revised Corporate Governance report on February 19, 2021, including the new member details.

Olympic Cards emphasized that BSE itself had allowed general waiver for quarters from December 2020 to March 2021 due to the COVID-19 pandemic worldwide, supporting their request for relief.

December 2024 Quarter Issues

For the December 2024 quarter, the company is contesting fines totaling Rs. 1.44 lakh under two regulations, arguing that there was no actual non-compliance.

Regulation	Quarter	Outstanding Penalty (Rs.)	Penalty Waived (Rs.)	Residual Penalty (Rs.)
Reg.18(1)	Dec.2024	72,000	0	72,000
Reg.19(1)/(2)	Dec.2024	72,000	0	72,000

Defense Against Recent Violations

Olympic Cards defended against the December 2024 penalties by stating they appointed a new Independent Director and filled the vacancy within the allowed period of three months through an Extra-Ordinary General Meeting. The appointment was promptly communicated to BSE, and the company believes this compliance falls under the exemption provided by Sub-Regulation 1(E) of Regulation 17 of SEBI LODR.

The company has already filed waiver petitions on March 24, 2025, and continues to request BSE's consideration for complete waiver of all outstanding fines. The clarification was signed by Managing Director N. Mohamed Faizal and submitted as part of their ongoing dialogue with BSE's listing compliance team.