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.

SecUR Credentials Limited, India's first background screening company listed on NSE Emerge, has issued a formal notice for its 23rd Annual General Meeting (AGM) in compliance with regulatory requirements. The company has outlined comprehensive arrangements for shareholder participation through digital platforms.

Meeting Schedule and Logistics

The AGM is scheduled for Friday, April 3, 2026 at 11:00 A.M. IST and will be conducted entirely through Video Conferencing (VC) and Other Audio Visual Means (OAVM). This virtual format follows Ministry of Corporate Affairs circulars and COVID-19 safety protocols.

Shareholders whose names appear in the Register of Members as on the record date of Friday, March 27, 2026 will be eligible to participate and vote. Remote e-voting will commence on Tuesday, March 31, 2026 at 9:00 A.M. IST and conclude on Thursday, April 2, 2026 at 5:00 P.M. IST.

Business Agenda

The meeting will address both ordinary and special business items. The ordinary business includes adoption of audited standalone financial statements for the financial year ended March 31, 2024, along with the Board of Directors' and Auditors' reports. Additionally, Mr. Ashish Ramesh Mahendrakar, who retires by rotation, will be considered for re-appointment as Director.

Special Business Resolutions

Two significant special business items require shareholder approval:

Director Appointment: The appointment of Mr. Bhimsen Vishwanath Pawar (DIN: 05357248) as Whole Time Director for a period of five years. Mr. Pawar was previously appointed as Additional Director on June 24, 2024, and his term requires formal approval through this resolution.

Auditor Appointment: The appointment of M/s. JPMD & Associates, Chartered Accountants (Firm Registration No. 133085W) as Statutory Auditors to fill the casual vacancy created by the resignation of M/s. S.D. Mehta & Co. effective January 12, 2026.

E-voting and Participation Guidelines

The company has established comprehensive e-voting procedures through NSDL's platform. Shareholders holding securities in demat mode with NSDL or CDSL can access e-voting through their respective depository participant portals. Those holding physical shares will use their EVEN number followed by folio number for login credentials.

Technical Support: NSDL provides helpdesk services at evoting@nsdl.com or 022-4886 7000 for shareholders facing technical difficulties. CDSL shareholders can contact helpdesk.evoting@cdslindia.com or call the toll-free number 1800-21-09911.

Meeting Access: Shareholders can join the virtual meeting through the NSDL e-voting system by clicking on the VC/OAVM link. The company recommends using laptops with stable internet connections for optimal experience.

Praveen Tiwari, Practicing Company Secretary (Membership No. F11648) of M/s. Praveen Tiwari & Associates, has been appointed as Scrutinizer to oversee the e-voting process and ensure fair and transparent voting procedures.