Bharat Dynamics Limited Fined by BSE & NSE for SEBI LODR Board Norms Violation

Mumbai: Bharat Dynamics Limited, a Government of India Enterprise under the Ministry of Defence, has informed the stock exchanges that it has received a fine of ₹5,42,800 each (inclusive of GST) from BSE Limited and National Stock Exchange of India Limited.

The fine pertains to non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, concerning the composition of the Board of Directors, for the quarter ended December 31, 2025.

Reason for Non-Compliance

The company highlighted that the authority for appointment of directors rests with the President of India, acting through the Ministry of Defence. The Board of BDL has no role in the nomination or appointment of directors.

As a result, BDL is currently unable to meet the requisite number of independent directors and remains non-compliant under Regulation 17 until the Government appoints them.

Company Response

• BDL has not paid the fines as of now.

• The company will seek a waiver from BSE and NSE, citing impossibility of compliance due to its status as a Central Public Sector Enterprise.

• The fine has no impact on the company’s financial, operational, or other business activities.

Stock Exchange Details

• BSE Scrip Code: 541143

• NSE Symbol: BDL

The company confirmed that it will continue its usual operations while pursuing regulatory exemptions for the imposed penalties.