Archive · 26 Aug 2026
BSE, NSE Impose ₹59.17 Lakh Penalties on Power Firms
BSE and NSE are Indian stock exchanges.
They fined three government-owned power companies for not having the required board structure.
The companies are NTPC, SJVN and REC.
The itemized fines together add up to about ₹59.17 lakh.
The companies said the Union government controls who joins or leaves their boards.
They asked the exchanges to cancel or waive the penalties.
SJVN said it is working with the Power Ministry to appoint more independent directors.
REC’s notices concerned the quarter ending June 30, 2026.
One report called the total ₹59.14 crore, but that conflicts with the individual fines listed by both reports.
BSE and NSE imposed combined penalties of ₹59.17 lakh on NTPC, SJVN and REC for governance lapses.
NTPC was fined ₹5,36,900 by each exchange for non-compliance with SEBI Regulation 17(1).
SJVN received penalties of ₹13,44,020 from each exchange and said it would seek waivers.
REC was fined ₹10,77,340 by each exchange over board and committee-composition requirements.
The itemized penalties total ₹59,16,520, although one report described the total as ₹59.14 crore.
- Who
- BSE and NSE imposed penalties on the state-owned power companies NTPC, SJVN and REC.
- What
- The exchanges fined the companies for failing to meet SEBI listing requirements on board and committee composition.
- When
- REC’s reported compliance period ended June 30, 2026; the specific notice dates were not stated.
- Where
- The penalties were imposed in India by BSE and NSE.
- Why
- The companies were found to have governance and board-composition lapses under SEBI listing regulations.
Companies’ Position
Exchanges’ Position
Responsibility for board appointments
Companies’ Position
The companies said their Articles of Association or governance arrangements give the President of India, through the Ministry of Power, authority to appoint or remove directors.
Exchanges’ Position
BSE and NSE imposed penalties because the companies did not meet board and committee-composition requirements under SEBI listing regulations.
Penalty waivers
Companies’ Position
NTPC, SJVN and REC indicated they would ask the exchanges to withdraw or waive the penalties because appointments are controlled by the government.
Exchanges’ Position
The exchanges issued notices and levied fines for the reported compliance lapses.
Corrective action
Companies’ Position
SJVN said it is pursuing the appointment of the required number of independent directors with the Ministry of Power.
Exchanges’ Position
The penalties represent enforcement of the applicable corporate-governance requirements.
- Reported itemized total
- ₹59,16,520, or about ₹59.17 lakh
- NTPC penalty
- ₹10,73,800 combined; ₹5,36,900 from each exchange
- SJVN penalty
- ₹26,88,040 combined; ₹13,44,020 from each exchange
- REC penalty
- ₹21,54,680 combined; ₹10,77,340 from each exchange
- Regulatory basis
- SEBI listing regulations, including Regulation 17(1) cited in NTPC’s case
- Companies’ response
- NTPC, SJVN and REC said director appointments are controlled by the Union government and indicated they would seek waivers
- Reported discrepancy
- One article stated ₹59.14 crore, conflicting with the itemized penalties and the other article’s ₹59.17 lakh figure
