BSE Limited and National Stock Exchange of India Limited ("NSE"), vide their letter dated May 22, 2024, have imposed fine on the Tamilnad Mercantile Bank Limited with respect to certain non-compliance /delayed compliance under Regulation 18 and 20 of the SEBI Listing Regulations. The Bank is found to be not in compliance with the provisions pertaining to the Audit Committee Composition and Stakeholders Relationship and Customer Service Committee Composition (Regulation 18 & 20) from February 29, 2024 to March 14, 2024, due to tenure completion of two (2) Independent Directors of the Bank on February 28, 2024 and the Committees of the Board were re-constituted only on March 15, 2024. In view of the same, the Stock Exchanges (BSE & NSE) have levied a fine of INR 60,000/- each, besides GST.