Gujarat State Financial Corporation — Important, 02-12-2025: Company Update

Gujarat State Financial Corporation has been fined approximately Rs 9.89 Lakhs by BSE for non-compliance concerning independent directors on its board and committees. The company highlighted a conflict between its governing State Financial Corporations Act, 1951, and SEBI regulations, which currently prevent the appointment of independent directors. The Corporation has requested government amendments to the SFCs Act and repeatedly asked BSE to waive these fines, noting that one specific fine of Rs 11,800 was inadvertently imposed as the related rule does not apply to them. This issue reflects ongoing regulatory challenges for the company.