MTNL Fined By NSE & BSE For Non-Compliance With SEBI Board Norms

State-owned MTNL said it has been fined Rs 5.42 lakh by NSE and BSE for non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, which mandate a specific number of Independent Directors on the Board.

In a regulatory filing, MTNL said it is required to appoint four additional Independent Directors, but has not been able to do so. The exchanges levied a basic fine of Rs 4.6 lakh and GST of Rs 82,800. MTNL said board appointments are made by the Department of Telecommunications, its administrative ministry. Two Independent Directors, including one woman Independent Director, were appointed in April 2025. MTNL said the matter of appointing four more Independent Directors is with the government and added that it has requested the exchanges to waive the fines.