Rashtriya Chemicals & Fertilizers Limited has been imposed with regulatory fines totaling Rs 10.86 lakh by India's leading stock exchanges for non-compliance with listing regulations. The government undertaking received penalty notices from both the National Stock Exchange of India Limited and BSE Limited on February 27, 2026.

Regulatory Action Details

Both stock exchanges have imposed identical fines on the company for violating specific listing obligations during the recent quarter.

Nature of Non-Compliance

The penalties have been levied for the company's failure to comply with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation pertains to specific governance and disclosure requirements that listed companies must adhere to on a quarterly basis.

The company received the penalty notices at different times on February 27, 2026:

• BSE notice received at 17:50 pm
• NSE notice received at 22:17 pm

Financial Impact and Company Response

The regulatory action carries a direct financial implication of Rs 10.86 lakh for Rashtriya Chemicals & Fertilizers Limited. However, the company has indicated that it is actively pursuing remedial measures to address the situation.

Disclosure Compliance

In accordance with regulatory requirements under Regulation 30 of SEBI LODR, the company has made the necessary disclosures to both stock exchanges. The intimation was signed by J.B. Sharma, Executive Director (Legal & Company Secretary), ensuring proper communication channels with market regulators and stakeholders.

The company maintains its listing on both exchanges with multiple script codes and has fulfilled its obligation to inform the market about this regulatory development through proper disclosure mechanisms.

Rashtriya Chemicals & Fertilizers Limited has announced the appointment of Shri Shivakumar Subramaniam as its new Chairman & Managing Director, effective February 13, 2026. The Board of Directors approved this key leadership change during their meeting held on the same date.

Leadership Transition Details

The appointment follows the government directive issued by the Department of Fertilizers, Ministry of Chemicals & Fertilizers, Government of India, through order no. 78/02/2024-HR-(PSU) (e-37817) dated February 13, 2026. Subramaniam's tenure will continue until his superannuation on July 31, 2030, or until further orders, whichever is earlier.

Simultaneously, Ms. Nazhat J. Shaikh (DIN: 07348075), who was handling the additional charge as Chairman & Managing Director, ceased from the position effective February 13, 2026. Her entrustment of additional charge had been communicated to stock exchanges through letters dated November 25, 2025 and January 1, 2026.

Professional Background

Shri Shivakumar Subramaniam brings extensive experience to his new role, having spent over 27 years in the fertilizer industry. He holds a Bachelor's degree in Commerce and an MBA in Finance, along with certification as a Costing Module-Consultant.

His career with RCF began in 1998 as Senior Officer (Finance), and he has since handled diverse areas including:

• Treasury operations
• Taxation matters
• Corporate Accounts management
• Corporate Financial Strategy
• Fertilizer Policy and subsidy coordination
• Ministry coordination activities

Subramaniam has also been actively involved in project evaluation, project financing, and investments in joint ventures, demonstrating his comprehensive understanding of the company's operations and strategic initiatives.

Board Meeting Information

The Board of Directors meeting that approved this appointment commenced at 05.15 p.m and concluded at 05.45 p.m on February 13, 2026. The company has fulfilled all disclosure requirements under Regulation 30 of the SEBI Listing Regulations and relevant SEBI circulars.

This leadership transition represents a significant development for the government-owned fertilizer company as it continues its operations under new management guidance.