Pine Labs Limited has filed its quarterly compliance certificate with stock exchanges for the quarter ended March 31, 2026, maintaining its commitment to regulatory adherence under SEBI guidelines.

Quarterly Compliance Filing

The company submitted the mandatory certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 to both BSE Limited and National Stock Exchange of India Limited on April 06, 2026. Company Secretary and Compliance Officer Neerav Mehta signed the filing, ensuring timely regulatory compliance.

Registrar Confirmation

KFin Technologies Limited, serving as Pine Labs' Registrar and Share Transfer Agent, issued the compliance certificate confirming the regulation's non-applicability to the company. Vice President Dnyanesh Gharote signed the certificate on behalf of KFin Technologies.

The registrar confirmed two key compliance aspects:

• Complete dematerialisation of all company shares
• Zero rematerialisation requests received during the quarter

Share Structure Status

The certificate validates that Pine Labs maintains a fully digital share structure with no physical share certificates in circulation. This digital-first approach aligns with modern market practices and regulatory preferences for dematerialised holdings.

Regulatory Framework

Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 requires companies to file quarterly certificates regarding share dematerialisation status. The regulation becomes non-applicable when companies maintain complete dematerialisation without any rematerialisation requests, as demonstrated by Pine Labs.

The company has made this information publicly available on its investor relations website, ensuring transparency for stakeholders and maintaining open communication channels with the investment community.

Pine Labs Limited has been penalized by the Reserve Bank of India with a monetary fine of ₹3,10,000 for violations related to Prepaid Payment Instruments (PPI) Know Your Customer (KYC) procedures. The company disclosed this development to stock exchanges on March 27, 2026, pursuant to regulatory disclosure requirements under SEBI regulations.

RBI Penalty Details

The Reserve Bank of India issued the penalty order dated March 23, 2026, which was received by Pine Labs on March 27, 2026. The monetary penalty has been imposed under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007.

Nature of Violations

The penalty stems from supervisory findings under RBI directions on issuance of Prepaid Payment Instruments. The central bank discovered that Pine Labs had issued certain Full-KYC Prepaid Payment Instruments without completing the mandatory Know Your Customer verification of the respective PPI holders. This violation relates to the company's compliance with KYC norms for prepaid payment instruments, which are critical for maintaining financial system integrity and preventing money laundering.

Company's Response and Impact Assessment

Pine Labs has formally communicated the penalty details to both BSE Limited and National Stock Exchange of India Limited as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has assessed the financial and operational impact of this regulatory action.

Regulatory Compliance

The disclosure was made by Company Secretary and Compliance Officer Neerav Mehta, who signed the intimation letter digitally on March 27, 2026. The company has also made this information available on its investor relations website at pinelabs.com/investor-relations, ensuring transparency with stakeholders and compliance with disclosure norms.