Rail Vikas Nigam Limited (RVNL) has been levied a fine of ₹9,77,040 (inclusive of GST) by both the National Stock Exchange (NSE) and BSE Limited (BSE) for non-compliance with regulations regarding the composition of the Board and its committees for the quarter ended December 31, 2025. The fines amount to a total of ₹19,54,080. The violation pertains to Regulations 17(1), 18(1), and 19(1)/(2) of the SEBI (LODR) Regulations, 2015. RVNL received communication regarding these fines on February 27, 2026, through NSE letter no. NSE/LIST-SOP/COMB/FINES/0215 and a BSE email referencing SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. RVNL has clarified to both exchanges that as a Government company, the appointment of Directors, including Independent Directors, is vested with the President of India through the Ministry of Railways. The company stated that it has no role in the appointment process. RVNL anticipates a waiver of these fines once compliance is achieved upon the appointment of the requisite number of Directors by the Ministry of Railways, noting that similar fines have been waived in the past.
