Reliable Data Services Limited has been fined ₹2,59,600 each by the National Stock Exchange of India Limited (NSE) and BSE Limited for non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended March 31, 2026. The penalties were imposed on May 27, 2026, following a review of the company's compliance records, which identified a failure to adhere to requirements pertaining to the composition of the Board, specifically the failure to appoint a woman director.

The notices, received by the company on May 27, 2026, detail that the basic fine amounts to ₹2,20,000, with an additional GST of ₹39,600, bringing the total payable amount to ₹2,59,600 per exchange. The exchanges have instructed the company to pay the fines within 15 days from the date of the notice. Failure to remit the payment may result in the freezing of the entire shareholding of the promoters in the company as well as other securities held in their demat accounts.

Details of Violation and Penalty

The non-compliance was observed under Regulation 17(1), which mandates the composition of the Board of Directors. The exchanges noted that the company had not complied or had delayed compliance with this regulation. The table below outlines the financial implications of the penalty imposed by the NSE.

Waiver Application and Compliance Requirements

In response to the penalties, Reliable Data Services Limited disclosed that it is in the process of filing applications for waivers of the fines levied by both NSE and BSE. The exchanges have outlined a specific procedure for filing such waivers, requiring the company to submit a detailed submission via the NEAPS portal under the path 'Compliance > Fine Waiver > Waiver Request'. The exchanges clarified that compliance is a pre-requisite for applying for a waiver, and applications from non-compliant companies will not be processed.

Additionally, the company must ensure that the identified non-compliance and the subsequent actions taken by the exchanges are placed before its Board in the next meeting. The comments made by the Board must be informed to the exchanges for dissemination. If the company fails to comply with Regulation 17(1) for a second consecutive quarter, its securities may be shifted to the 'Z' category, leading to a 'Trade for Trade' basis for trading and potential suspension.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE375Y01018/a57711d19a1c4cb2.pdf

Reliable Data Services Limited announced that officials from the GST Department, Preventive Cell, visited its office on May 19, 2026. The purpose of the visit was to conduct an enquiry related to the company's compliance with Goods and Services Tax (GST) regulations. Following the visit, the GST Department issued a summon to the company on the same day.

The company confirmed that it has fully cooperated with the authorities during the process. In its disclosure, reliable data services stated that it has complied with all requirements and furnished the necessary documents requested by the officials.

Key Details of the Disclosure

The following table summarizes the key events disclosed by the company:

The intimation was made to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was filed under Schedule III, Part-A, Para A (Clause 19) of the regulations.