SecUR Credentials Limited has filed its mandatory compliance certificate with stock exchanges for the quarter ended September 30, 2025, in accordance with SEBI regulations. The company, which holds the distinction of being India's first background screening company listed on NSE Emerge, submitted the required documentation to both BSE Limited and National Stock Exchange of India Limited.

Regulatory Compliance Details

The certificate was filed under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This regulation mandates listed companies to provide quarterly confirmations regarding the handling of physical share certificates for dematerialization purposes.

Certificate Confirmation

Skyline Financial Services Private Limited, serving as the company's Registrar and Share Transfer Agent, issued the compliance certificate dated October 03, 2025. The certificate confirms that no physical share certificates were received for dematerialization of equity shares during the quarter ended September 30, 2025.

The certificate was signed by Parveen Sharma, Authorised Signatory of Skyline Financial Services Private Limited, and submitted to the company for onward transmission to the stock exchanges.

Company Information

The filing was signed by Ashish Ramesh Mahendrakar, Director and Chief Financial Officer of SecUR Credentials Limited, with DIN 03584695. The document was digitally signed and submitted from Mumbai on March 28, 2026, demonstrating the company's commitment to maintaining transparency and regulatory compliance with SEBI requirements.

SecUR Credentials Limited has reported extensive regulatory compliance failures in its annual secretarial compliance report for the financial year ended March 31, 2025, highlighting significant operational and governance challenges faced by India's first listed background screening company.

Major Compliance Violations Identified

The secretarial audit conducted by Praveen Tiwari & Associates revealed 21 substantial violations of SEBI regulations and listing requirements. The most critical issues include failure to fill key management positions within prescribed timeframes and systematic delays in mandatory filings.

Financial and Disclosure Failures

The company demonstrated persistent delays in critical financial disclosures across multiple quarters. Financial results for the quarters ended June 2024, September 2024, December 2024, and March 2025 were not submitted within prescribed timeframes, attributed to staff unavailability and auditor resignation.

Additionally, SecUR Credentials failed to submit several mandatory reports including:

• Statement of investor complaints for multiple quarters
• Quarterly corporate governance reports
• Shareholding pattern disclosures
• Related party transaction details for half year ended March 31, 2024

SEBI Regulatory Actions

The company faced significant regulatory intervention from SEBI during the review period. An interim order dated June 13, 2024, restrained the company and Director Rahul Belwalkar from securities market activities. Despite multiple opportunities to respond, the failure to file replies led to a confirmatory order on September 9, 2024, maintaining the trading restrictions.

Stock Exchange Actions and Notices

Both NSE and BSE issued multiple show cause notices addressing various compliance failures. NSE issued a delisting notice due to non-payment of listing fees and regulatory non-compliance, subsequently suspending trading in the company's securities.

The exchanges also conducted surprise site visits to verify the company's registered office, finding discrepancies in the registered address. The company failed to properly intimate changes in its registered office location to both exchanges.

Previous Year Compliance Issues

The report also detailed actions taken regarding previous compliance failures, including fines totaling ₹41,300 each from NSE and BSE for delayed financial results submission, and ₹11,800 each for late shareholding pattern filings. Additional penalties of ₹1,06,200 each were imposed for failure to appoint a Company Secretary within the prescribed timeframe.

Management Response and Remedial Actions

The company attributed many violations to staff unavailability and liquidity constraints. Management indicated completion of pending compliances and appointment of new auditors to address outstanding requirements. The company has approached exchanges for procedures regarding promoter reclassification and committed to timely future compliance.

Despite the extensive violations, the secretarial auditor confirmed the company maintained proper board processes and compliance mechanisms, with adherence to secretarial standards and appropriate policy frameworks where applicable.