NTPC Responds to NSE & BSE Fines for SEBI LODR Non-Compliance

New Delhi, February 28, 2026 – NTPC Limited, India’s premier power generation company, has formally responded to fines imposed by the National Stock Exchange of India (NSE) and BSE Limited (BSE) for the quarter ended 31st December 2025.

According to notices received on 27th February 2026, both exchanges levied a penalty of ₹5,42,800 each on NTPC for alleged non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR), which mandates a requisite number of independent directors on listed company boards.

NTPC’s Standpoint

In its reply dated 28th February 2026, NTPC clarified that as a Government Company under Section 2(45) of the Companies Act, 2013, the appointment or removal of directors lies with the President of India through the Ministry of Power (MoP), as per the company’s Articles of Association.

NTPC further stated that it is actively coordinating with the MoP to ensure the appointment of the requisite number of independent directors to comply with SEBI regulations. Consequently, the company believes that the fines imposed should not be leviable, citing circumstances beyond its operational control.

Implications for Investors

Regulation 17(1) under SEBI LODR requires listed companies to maintain a minimum number of independent directors on their boards to strengthen corporate governance. NTPC’s proactive approach and government status underscore that the non-compliance was procedural rather than deliberate.

Investors can expect NTPC to continue efforts in aligning with SEBI norms while maintaining its strong governance framework.

About NTPC Limited

NTPC Limited (CIN: L40101DL1975GOI007966) is India’s largest power utility company, headquartered at NTPC Bhawan, New Delhi. The company operates multiple power plants nationwide and is a key contributor to India’s energy security and sustainable power initiatives.