National Stock Exchange of India Limited (NSE) imposed a fine of Rs 9,55,800 on rail vikas nigam for non-compliance with board composition regulations for the quarter ended March 31, 2026. The penalty, inclusive of GST, was levied due to violations of Regulation 17(1), 18(1), and 19(1)(2) regarding the composition of the Board and its committees. The company received the communication regarding the fine on May 27, 2026.

The company clarified that it is a Government company under Section 2(45) of the Companies Act, 2013. Consequently, the power to appoint Directors, including Independent and Woman Independent Directors, vests with the President of India. All directors are appointed by the Government of India through the Ministry of Railways, and RVNL stated it has no role in these appointments.

Fine and Waiver Expectations

RVNL expressed that the financial penalty has no material impact on its operations. The company anticipates a waiver of the fine upon achieving compliance with the SEBI (LODR) Regulations. This waiver is contingent upon the Ministry of Railways appointing the requisite number of directors to the Board.

The company noted that in previous instances of non-compliance, both NSE and BSE had waived fines imposed on it. RVNL confirmed that it will seek the waiver under SEBI's exemption policy once the board composition is rectified by the administrative ministry.

rail vikas nigam has uploaded the audio recording of its conference call with investors, analysts, and institutions held on May 26, 2026. The disclosure was made in furtherance to the company's earlier letter dated May 19, 2026, regarding the schedule of the meeting. The recording is now accessible on the company's official website, providing stakeholders with a detailed review of the financial performance for the quarter and fiscal year ended March 31, 2026.

The conference call was conducted in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The session featured the company's leadership team, including the Chairman & Managing Director Shri Saleem Ahmad, and Directors overseeing Personnel, Operations, Finance, and Projects. The Chief Financial Officer was also present to discuss the financial results and operational updates.

Access Information

Investors can access the audio recording of the conference call directly through the link provided on the company's website. The specific URL for the recording has been shared with the exchanges to ensure wide dissemination of the information discussed during the session.