Multiple PSUs Fined By BSE, NSE Over SEBI LODR Gaps & Independent Director Shortfall

Several central public sector enterprises (CPSEs) have reported fines from the BSE and NSE for non-compliance with SEBI’s Listing Obligations and Disclosure Requirements (LODR) for the quarter ended June 30, 2026.

The companies include Rail Vikas Nigam, IRCON International, IRCTC, REC, BPCL, MIDHANI, Coal India, Indian Oil, NTPC, BHEL, IRFC, Power Grid, Oil India, Hindustan Copper and Cochin Shipyard, among others. The violations mainly concern board composition and requirements for statutory committees under Regulations 17 to 21 of the SEBI LODR Regulations. Several companies cited vacancies or shortfalls in Independent Directors, including women Independent Directors.

Fines reported by the companies range from Rs 5.37 lakh to Rs 14.67 lakh per exchange. Several PSUs said board appointments depend on nominations by the Government through administrative ministries and have sought waivers from the exchanges.

IRCON and Cochin Shipyard have since appointed Independent Directors and reconstituted relevant committees.