NALCO Appeals Against Rs.5.42 Lakh Fine Imposed by BSE & NSE

Bhubaneswar, March 17, 2026 – National Aluminium Company Limited (NALCO), the Government of India-owned aluminium producer, has formally requested the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) to waive a total fine of Rs.5,42,800/- imposed for non-compliance with SEBI (LODR) Regulations, 2015.

The fine, which includes GST of 18% on the basic amount of Rs.4,60,000/-, was levied due to NALCO not having the requisite number of Independent Directors on its Board for the quarter ending December 31, 2025.

In a letter dated March 17, 2026, addressed to the compliance managers of BSE and NSE, NALCO stated that the appointment of Independent Directors is under the authority of the President of India, and therefore, the company has no control over delays. NALCO has been actively requesting the Administrative Ministry to expedite these appointments to comply with SEBI and Companies Act provisions.

The Board of Directors, in its 365th meeting held on March 6, 2026, acknowledged the fine but advised that the non-compliance should be condoned given the company’s lack of control over director appointments. NALCO has submitted a waiver application and requested that the penalties be waived in view of the circumstances.

B. K. Sahu, Company Secretary and Compliance Officer of NALCO, emphasized in the letter that the company continues to liaise with the Government to ensure compliance with statutory regulations.

This development highlights ongoing challenges faced by Central Public Sector Enterprises (CPSEs) in aligning board appointments with regulatory requirements while operating under government authority.