IRCTC Share Price in Focus; Faces Exchange Fines for Board Composition Non-Compliance Under SEBI Rules

Indian Railway Catering and Tourism Corporation (IRCTC) has received notices from both BSE and NSE regarding financial penalties for non-compliance with SEBI’s board composition norms for the September 2025 quarter.

The issue relates to the absence of the required number of independent directors, including a woman director, with appointments still awaiting government approval.

Regulatory Notices Issued by Exchanges

IRCTC disclosed that it received emails from BSE and NSE on 29 November 2025 informing the company that fines had been levied under Regulation 30 of the SEBI (LODR) Regulations, 2015. 

The penalties stem from non-compliance with Regulation 17(1), which mandates specific board composition requirements.

Both exchanges have imposed a fine of ₹5,42,800 each, inclusive of GST, for the quarter ended 30 September 2025.

Nature of the Non-Compliance

The exchanges highlighted that IRCTC did not meet SEBI’s norms relating to the structure of its Board of Directors. The shortfall includes the absence of a woman director as well as other independent directors required under the regulation. This gap persisted throughout the September quarter.

IRCTC’s Response to the Fines

IRCTC has formally represented its case to the exchanges, requesting a review of the imposed penalties.

The company noted that, as a government-owned entity, the appointment of board members including independent and women directors rests with the President of India, acting through the Ministry of Railways.

IRCTC stated that it continues to seek the Ministry’s approval and is following up regularly to ensure the appointments are made.

IRCTC Share Price Performance

IRCTC’s share price edged lower on 1 December 2025, trading at ₹684.50, down 0.32% from the previous close of ₹686.70. The stock opened slightly stronger at ₹691.50 and moved to an intraday high of ₹693.70 before slipping towards the day’s low of ₹684.25.

Read More: IRCTC Rule Change: Aadhaar Required For Ticket Bookings During 8 AM–10 AM Slot.

Conclusion

The fines imposed on IRCTC underscore the importance of timely compliance with SEBI’s corporate governance norms. While the company has sought a review and attributes the delay to government-led appointments, the outcome will depend on further engagement between IRCTC, market regulators and the Ministry of Railways.

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