Gujarat State Financial Corporation — Updates, 30-05-2025: Company Update

Gujarat State Financial Corporation has received a fine totaling ₹11.68 lakh from BSE for non-compliance with corporate governance norms due to the absence of Independent Directors on its Board and Committees. The corporation's Board structure is governed by the State Financial Corporations Act, 1951, which does not mandate Independent Directors, causing this misalignment with SEBI (LODR) norms. GSFC has approached the government to amend the SFC Act to align with SEBI requirements and has requested BSE to waive these fines until the law is updated, as previous fines have been imposed similarly.