Ashiana Housing Limited, a well-established real estate development company, has formally submitted its Annual Secretarial Compliance Report for the financial year ended 31st March 2025 in adherence to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This report was filed with BSE Limited and the National Stock Exchange of India Limited (NSE) on 30th May 2025 by Mr. Nitin Sharma, the Company Secretary & Compliance Officer.

The Annual Secretarial Compliance Report, certified by A. K. Verma & Co., Company Secretaries, provides a thorough review of the company's adherence to applicable SEBI regulations and other statutory requirements during the financial year. The peer-reviewed firm meticulously evaluated compliance with SEBI laws, the Securities Contracts (Regulation) Act, and relevant circulars, including those related to listing obligations, capital issues, insider trading, investor education, and disclosure norms.

Key Findings in the FY25 Compliance Report

The report reflects a largely compliant status by Ashiana Housing. However, it noted two instances of delay in compliance filings, both of which were minor, non-material in nature, and unintentional.

1. Delay in Submission under Regulation 23(9)

The first observation pertains to a delay in the submission of Related Party Disclosure under Regulation 23(9) of the SEBI (LODR) Regulations for the half-year ended September 2024. According to SEBI's guidelines, such disclosures must be filed within a stipulated timeline following the announcement of financial results.

• Deviation: The disclosure was filed six minutes past midnight on 14th November 2024.

• Fine: A cumulative fine of ₹5,900 (including GST) was levied by BSE.

• Explanation: The company had submitted the disclosure in XBRL and PDF formats, but a minor delay of six minutes occurred due to technical reasons.

• Outcome: The fine imposed by NSE was reversed, and the amount was credited back to Ashiana Housing. However, BSE retained the fine.

The Company Secretary's reply dated 16th December 2024 clarified the submission was made and requested withdrawal of the fine. Despite follow-up communications, no further response was received from NSE, indicating presumed waiver of the penalty.

2. Delay in Submission under Regulation 60(2)

The second observation relates to Regulation 60(2) of SEBI (LODR), which mandates that notice of record date must be submitted at least three working days prior to the proposed record date.

• Violation: The record date for the security (ISIN: INE365D07085) was 3rd February 2025.

• Delay: Intimation was sent on 30th January 2025, one day late, instead of the required 29th January 2025.

• Fine: A fine of ₹11,800 (including GST) was levied by BSE.

• Management Response: The error was inadvertent, and the fine was duly paid on 5th April 2025. There was no willful default, and it was a single-day delay.

Other Observations and Disclosures

Besides the above two cases, the report mentions that all other regulatory filings and disclosures were timely made during the review period.

It also notes that during the year:

• Various notices and clarification requests were issued by NSE and BSE.

• The company responded to all communications and queries promptly.

• There were no violations related to buybacks, employee stock option schemes, delisting, or sweat equity issuances, as no such events occurred during the year.

Previous Year's Observations and Follow-ups

The secretarial auditor also reviewed the status of actions taken in response to observations in the previous year’s report (FY 2023-2024). Based on the company's responses and compliance documents, it was confirmed that the company had taken appropriate corrective measures and there were no repeat violations of any previous deficiencies.

Summary of Regulatory Framework Reviewed

The compliance report covered Ashiana Housing's obligations under various SEBI regulations, including:

• SEBI (LODR) Regulations, 2015

• SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

• SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

• SEBI (Prohibition of Insider Trading) Regulations, 2015

• SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

• SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021

• SEBI (Investor Protection and Education Fund) Regulations, 2009

• SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993

Regulations such as the SEBI (Buyback of Securities) Regulations, 2018 and SEBI (Delisting of Equity Shares) Regulations, 2009 were marked not applicable as there were no reportable events during the period.

Conclusion and Company’s Governance Outlook

In summary, the Annual Secretarial Compliance Report of Ashiana Housing Limited for FY 2024-2025 shows a robust adherence to statutory and regulatory requirements. The two minor delays noted in the report were inadvertent and have been addressed adequately, with fines paid or reversed.

The company's transparent approach, detailed documentation, and timely follow-up with the stock exchanges reflect its commitment to good governance practices. Its efforts to promptly rectify inadvertent delays and ensure proactive communication with regulators underscore a strong compliance culture.

The findings reinforce Ashiana Housing’s position as a disciplined and responsive corporate entity, and the report contributes positively to its investor relations and corporate credibility.

As the real estate sector continues to navigate regulatory evolution and investor scrutiny, Ashiana Housing’s adherence to SEBI regulations and timely disclosures positions it for continued trust and governance excellence.

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