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Gujarat State Financial Corporation (GSFC) has been fined a total of ₹9.88 lakh by BSE for non-compliance with corporate governance requirements, mainly due to the absence of independent directors on its Board and committees. GSFC clarified that its board structure adheres to the State Financial Corporations Act, where directors are government nominees, making it non-compliant with current market regulations. The company has repeatedly requested authorities to amend this Act and has faced similar fines previously. GSFC also disputed a ₹0.11 lakh portion of the fine related to board meeting quorum rules, which it believes do not apply. The company does not anticipate any significant impact.