IRCTC is scheduled to face exclusion from the MSCI index today at 3pm, marking a significant development for the railway catering and tourism company. The exclusion, valued at $148 million (₹13.5 billion), comes as part of MSCI's February rejig announcement.

MSCI Index Exclusion Details

The exclusion represents a substantial market impact for IRCTC, with the affected value reaching significant proportions. MSCI's periodic index reviews involve comprehensive assessment of constituent stocks based on various criteria including market capitalization, liquidity, and other fundamental factors.

Market Implications

MSCI index exclusions typically result in reduced institutional investment flows, as passive funds tracking these indices are required to sell their holdings in excluded stocks. This mechanical selling pressure often creates short-term volatility and potential downward pressure on stock prices.

About the February Rejig

MSCI conducts regular index reviews to ensure that its indices accurately represent the investable universe for international investors. The February rejig is part of this ongoing process, where stocks are evaluated for inclusion or exclusion based on updated market data and eligibility criteria.

IRCTC has announced the appointment of Navin Kumar Parsuramka as Part-Time Government Director, following an official order from the Ministry of Railways. The appointment, effective immediately, represents a significant change in the company's board composition and governance structure.

Official Appointment Details

The Ministry of Railways issued Order No. 2022/PL/57/10 on February 25, 2026, formally conveying the appointment. The key details of this board-level change are presented below:

Regulatory Compliance Framework

The appointment has been made in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. IRCTC has informed both major stock exchanges about this board-level change, ensuring full transparency and regulatory compliance.

The company is currently completing necessary appointment formalities as required under the Companies Act 2013 and SEBI (LODR) Regulations, 2015. Additional disclosures related to the appointment will be submitted to regulatory authorities in due course.

Board Composition Impact

Parsuramka's appointment as Part-Time Government Director brings his extensive experience from the Railway Board to IRCTC's governance framework. His current role as Principal Executive Director (Coaching) at Railway Board provides relevant operational expertise that will benefit the company's strategic oversight.

The seamless transition from Gangeya to Parsuramka demonstrates IRCTC's commitment to maintaining stable leadership and ensuring continuity in its governance structure. This change reflects the ongoing evolution of the company's board composition while maintaining strong government representation in its decision-making processes.