Indian Railway Finance Corporation Limited (IRFC) has issued comments regarding a fine levied by the National Stock Exchange (NSE) and BSE. The non-compliance pertains to the composition of the Board and the constitution of the Audit and Nomination and Remuneration committees for the quarter ended September 30, 2025.

The matter was placed before the Board in its meeting held on December 18, 2025. The Board noted the non-compliances and the imposed fine. It was decided that a follow-up would be made with the Ministry of Railways (MoR), the appointing authority, to expedite the appointment of the requisite number of Independent Directors, including a Women Independent Director, on the IRFC Board.

Furthermore, the Board noted that the stock exchanges have been requested to waive the fine, as the appointment of Directors is beyond the company's control. IRFC highlighted that in similar past instances, NSE and BSE had waived fines for non-compliance on the same grounds for periods between March 2021 and December 2021. As a Government Company, the power to appoint Directors rests with the President of India through the Ministry of Railways, and IRFC has no control over this process.