GRSE Receives Notices from NSE & BSE for Non-Compliance; Requests Waiver of Fines
GRSE discloses receiving fines of Rs 9.77 lakh each from NSE and BSE for non-compliance with Reg 17(1) (lack of Independent Directors/Woman ID) for Q2 FY26; the CPSE attributes the lapse to delayed GoI appointments and requests a waiver.
Kolkata, November 29, 2025: Garden Reach Shipbuilders & Engineers Limited (GRSE), a Central Public Sector Enterprise under the Ministry of Defence, has been fined a total of Rs 19,54,080 by the NSE and BSE, with each exchange imposing a fine of Rs 9,77,040.
This penalty is for several violations of SEBI Listing Regulations during the quarter ending September 30, 2025. The issues mainly arise from the lack of required Independent Directors, including the Woman Independent Director. This absence has resulted in the failure to form necessary board committees, specifically the Audit Committee and the Nomination and Remuneration Committee.
GRSE has officially requested that the fines be waived. The company argues that as a CPSE, all director appointments are made solely by the Government of India through Presidential Orders. GRSE asserts that it cannot control the delay in appointing the necessary directors and is actively working with the Ministry of Defence to comply with Corporate Governance standards.