Steel City Securities has announced the cessation of B. Krishna Rao from his position as an Independent Director, effective close of business hours on July 29, 2026. The departure marks the completion of his second consecutive five-year term on the Board, adhering to tenure limits prescribed under Section 149 of the Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the exit is solely due to the completion of the prescribed tenure and is not attributable to any other reason.

The intimation was issued pursuant to Regulation 30 read with Schedule III of the SEBI LODR Regulations, 2015. Steel City Securities submitted the disclosure to the National Stock Exchange of India Limited, referencing SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The filing confirms that there are no undisclosed relationships between directors requiring further disclosure in this context.

B. Krishna Rao, holding DIN 00274709, served as an Independent Director for two consecutive terms. His tenure concluded automatically upon reaching the maximum permissible limit for independent directors under Indian corporate law. The Board of Directors expressed its appreciation for his guidance and contribution during his service period.

Key Details of Cessation

The company’s compliance framework, overseen by Company Secretary and Chief Compliance Officer M. Srividya, ensured timely notification to the exchange. As an ISO 27001:2022 certified entity and a member of NSE, BSE, MSEI, MCX, and NCDEX, Steel City Securities maintains strict adherence to regulatory reporting standards. The cessation does not impact the company’s operational structure or its status as a depository participant with NSDL and CDSL.

National Stock Exchange of India Limited has imposed a monetary penalty of ₹2,07,800 on steel city securities for alleged violations of exchange regulations. The penalty, communicated via a letter dated July 1, 2026, relates to specific circulars issued by the exchange regarding compliance norms. The company has stated that this financial penalty will have no material impact on its financial position, operations, or other activities.

The exchange's enforcement action references NSE Circular No. NSE/INSP/53530 dated September 02, 2022. While the specific details of the alleged violations were not disclosed in the filing, Steel City Securities is currently examining the observations contained in the communication. The firm intends to take appropriate steps in accordance with the applicable regulatory framework to address the matter.

Regulatory Disclosure Details

The disclosure was made to the exchange in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was formally submitted by Srividya M, the Company Secretary & Chief Compliance Officer of Steel City Securities Limited.

Steel City Securities Limited operates across multiple segments including capital market, equity derivatives, currency derivatives, and commodity derivatives. It is registered with SEBI and holds memberships with NSE, BSE, MSEI, MCX, and NCDEX. The company also acts as a depository participant with both NSDL and CDSL.