Reliable Data Services Board Comments on Fines Levied by Stock Exchanges Over Governance Non-Compliance
Reliable Data Services Limited addressed concerns regarding non-compliance with SEBI Listing Obligations and Disclosure Requirements (LODR), 2015, confirming that it had paid the applicable fine levied by stock exchanges. The company's Board of Directors issued comments following notices received from the NSE and BSE regarding breaches pertaining to the composition of its Board.The Board reviewed the matter, which was placed on record during a meeting held on May 30, 2026. The directors noted that the non-compliance with respect to the composition of the Board was not wilful but occurred due to delays in finalizing the appointment of a suitable Independent Director (ID), primarily citing issues identified during the due diligence process of prospective candidates.
The company confirmed that it had initiated timely steps to fill the casual vacancy and kept the Stock Exchanges informed regarding the status of the appointment process. The board highlighted that on February 14, 2026, the company approved the appointment of Mrs. Bhoomika Aditya Gupta as an Independent Director, following due diligence, which resulted in the company becoming compliant with Regulation 17(1) of the Listing Regulations.
The Board noted that besides resolving the compliance issues, the company also submitted a waiver application to both NSE and BSE and paid the applicable fine levied by the Stock Exchanges in this regard. The management was advised to ensure strict and timely compliance with all applicable regulatory requirements moving forward, underscoring the company's commitment to high standards of corporate governance.
The initial non-compliance identified related to Regulation 17(1) for the quarter ending December 2025.
Key financial details regarding the fine are presented below:
| Regulation | Quarter | Fine amount per day (Rs.) / Instance | No. of days of non- compliance / Instances | Fine amount (Rs.) |
|---|---|---|---|---|
| REGULATION 17(1) | 31-Dec-2025 | 5,000 | 8 | 40,000 |
| Total Fine Payable (Inclusive of GST) | 47,200 |
The company emphasized that the delay was procedural in nature and occurred despite its bona fide efforts to appoint a competent and suitable Independent Director.
RELIABLE Stock Price Movement
As of 12:20 PM, shares of Reliable Data Services Limited are shedding value in live trading, slipping down by 1.19% and currently sitting at ₹136.1. The stock is moving within a daily range marked by a low of ₹133.25 and a high of ₹139.33, with 14,813 shares traded so far.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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