BHEL Fined Rs 5.42 Lakh Each by BSE and NSE for Board Composition Non-Compliance
BHEL discloses receiving fines of Rs 5,42,800/- each from BSE and NSE for non-compliance with Regulation 17(1) (Independent Director requirement) for Q2 FY26; BHEL is seeking waiver citing dependency on Government of India appointments.
New Delhi, November 28, 2025: Bharat Heavy Electricals Limited (BHEL) has informed the stock exchanges that both BSE and the National Stock Exchange of India (NSE) have imposed a fine of ₹5,42,800 each (inclusive of GST) for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015 for the quarter ending September 2025.
The non-compliance pertains to the composition of the Board of Directors, where the number of Independent Directors was less than 50% of the board’s actual strength, resulting in a regulatory shortfall.
BHEL stated that, as per the SOP Circular of the stock exchanges, the company will seek a waiver of the fines imposed. The company highlighted that it is a Government-owned enterprise, and all Director-level appointments — including Independent Directors — are made by the Government of India.
BHEL further added that it is regularly pursuing the Government for the appointment of the required number of Independent Directors to ensure full compliance with SEBI’s corporate governance norms.
This disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.