SCI Seeks Waiver After NSE & BSE Impose Fines Over Board Composition Norms

Shipping Corporation of India (SCI) has informed its Board that it has sought waivers from stock exchanges after being penalised for failing to meet Board composition requirements under SEBI’s listing regulations during the quarter ended December 31, 2025.

The company received fines of Rs 5,42,800 each from the National Stock Exchange (NSE) of India and Bombay Stock Exchange (BSE) Limited for non-compliance with Regulation 17(1) of the SEBI (LODR) Regulations. According to the company, delays in appointing Independent Directors arose because the authority to appoint or remove directors rests with the Ministry of Ports, Shipping, and Waterways.

The Board reviewed the matter at its meeting on May 8, 2026. SCI said waiver requests were submitted to both exchanges on March 5, 2026, while efforts continue to secure the required number of Independent Directors, including a Woman Independent Director.

NSE stated that the penalty was calculated at Rs 5,000 per day for 92 days of non-compliance and will continue to accrue until the company achieves compliance.