NLC India Faces BSE Fine for Non-Compliance with SEBI LODR Board Norms

Chennai: NLC India Limited has informed the stock exchanges regarding the imposition of a monetary penalty by BSE Limited for non-compliance with provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In its regulatory filing addressed to both National Stock Exchange of India Limited and BSE, the company stated that it received an email communication dated February 27, 2026, from BSE regarding non-compliance with Regulation 17(1) of SEBI LODR Regulations. The non-compliance pertains to the composition of the Board of Directors, including failure to appoint a Woman Director.

Fine Imposed

BSE has imposed a fine of Rs 5,42,800 (including GST) for the said non-compliance. The company clarified that there is no impact on its operations or other activities, and the total financial implication is limited to the fine amount imposed.

Company’s Response

NLC India has requested BSE to grant a waiver of the fine through its letter dated February 28, 2026. The company cited the following grounds:

• Being a Government Company, the authority to appoint Directors on its Board vests with the President of India.

• The Ministry of Coal (MoC), the Administrative Ministry, is being periodically informed regarding the requirement of appointing the requisite number of Independent Directors, including a Woman Director.

The company further stated that the non-compliance was neither due to negligence nor default on its part and was not within the control of the management.

Regulatory Disclosure

The intimation was made under Regulation 30 of SEBI LODR Regulations, 2015, read with the applicable SEBI circular dated November 11, 2024.

NLC India, a ‘Navratna’ Government of India enterprise, reiterated that it remains committed to regulatory compliance and corporate governance standards.