Eris Lifesciences Limited has informed BSE Limited and the National Stock Exchange of India Limited that each exchange has imposed a fine of Rs 4,24,800 for non-compliance with board composition norms. The penalty was communicated through separate letters dated May 27, 2026, and relates to Regulation 17(1) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The non-compliance pertains to the composition of the Board of Directors for the quarter ended March 31, 2026, the fourth quarter of the financial year 2025-26.
Regulation 17(1) mandates specific composition requirements for boards of listed companies, including a minimum number of independent directors. Eris Lifesciences clarified that the non-compliance arose from a vacancy on the board created after the completion of the term of an independent director. Eris Lifesciences filled the vacancy with effect from March 14, 2026, and has been in full compliance with Regulation 17(1) since that date.
The fine was imposed because the vacancy existed during the quarter ended March 31, 2026, for which the board composition was found to be non-compliant. Each exchange independently imposed the same fine amount of Rs 4,24,800, resulting in a total penalty of Rs 8,49,600 across both exchanges, equivalent to Rs 0.08 crore. Eris Lifesciences received the penalty letters from both exchanges on May 27, 2026.
Eris Lifesciences stated that apart from the penalty amount, there is no material financial or operational impact on the business from this non-compliance. The disclosure was made in accordance with Regulation 30 of the SEBI Listing Regulations.
Eris Lifesciences trades on both BSE and NSE under the ticker ERIS with security code 540596. An annexure with details of the penalty was also submitted to the exchanges as part of the regulatory filing.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.