Rashi Peripherals Limited has been directed to pay a fine of ₹1,67,560 after the National Stock Exchange (NSE) rejected its application for a waiver of penalties related to regulatory non-compliance.

The rejection stems from violations of Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, during the quarters ended June 30, 2024, and September 30, 2024. The company received the communication from NSE on October 19, 2026.

Regulatory Background

Rashi Peripherals had filed an application seeking a waiver of fines imposed for the aforementioned non-compliance. BSE Limited, acting as the Designated Exchange for processing the waiver application, did not consider the request favourably. Consequently, NSE noted this decision and formally rejected the waiver.

The total amount payable includes a base fine of ₹1,42,000 plus 18% Goods and Services Tax (GST), bringing the total liability to ₹1,67,560.

Financial Impact

The company stated that the impact is limited to the one-time monetary payment. There is no reported effect on its financial operations or other business activities beyond this penalty.

Compliance Context

Regulation 17(1A) pertains to the composition and role of the Audit Committee within listed entities. The consecutive nature of the non-compliance across two quarters likely contributed to the exchange's decision to deny the waiver, emphasizing the importance of sustained governance adherence.

Rashi Peripherals Limited informed stock exchanges that one of its joint statutory auditors, Deloitte Haskins & Sells LLP, has ceased to hold office. The cessation stems from the firm becoming ineligible under Section 141(3)(e) of the Companies Act, 2013.

The ineligibility arose consequent to the company's recent acquisition of a controlling ownership interest in VDA Infosolutions Private Limited. Deloitte cited a business relationship with the acquiree as the reason for their disqualification. This development also impacts the wholly owned subsidiary, Rashi Semiconductor Solutions Private Limited, where Deloitte has similarly ceased as statutory auditor for the same reasons.

Regulatory Framework and Timeline

The cessation was communicated via a letter dated October 16, 2026, and disclosed to BSE and NSE on October 17, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Deloitte had been appointed at the 37th Annual General Meeting held on September 9, 2026, with a term extending until the conclusion of the 42nd Annual General Meeting.

Continuity of Audit Services

The other joint statutory auditor, Pipara & Co. LLP, continues in office for its remaining tenure. The company stated that it has initiated the process of identifying suitable reputed firms to fill the casual vacancy created by Deloitte's exit. Necessary disclosures will be made to the stock exchanges upon completion of the appointment process, in accordance with applicable regulatory requirements.

Deloitte confirmed that there were no other material reasons for the resignation beyond the specified ineligibility. The firm noted that prior to cessation, they had submitted the audit report for the financial year ended March 31, 2026, and the limited review report for the quarter ended June 30, 2026. No concerns regarding audit evidence or management limitations were reported.