State-owned power companies NTPC, SJVN and REC have received notices from BSE and NSE imposing fines for non-compliance with provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, relating primarily to the composition of their boards and board committees.
The companies have attributed the compliance issues to the absence of the requisite number of independent directors, while pointing out that the power to appoint directors rests with the government through the Ministry of Power.
NTPC Limited has been fined INR 5,36,900 each by BSE and NSE, inclusive of GST, for the quarter ended June 30, 2026, for non-compliance with Regulation 17(1) of the SEBI Listing Regulations. The company received the notices from the exchanges on August 25.
NTPC said it is a Government company and, under its Articles of Association, the power to appoint or remove directors rests with the President of India through the Ministry of Power.
The company said it has requested BSE and NSE not to levy the fines and has been consistently pursuing the Ministry of Power for appointment of the requisite number of independent directors to ensure compliance with Regulation 17(1). The matter has also been placed before NTPC’s Board of Directors for information.
SJVN Limited has received notices from BSE and NSE imposing a fine of INR 13,44,020 each for non-compliance with multiple provisions of the SEBI Listing Regulations.
According to the company’s disclosure, the alleged violations cover Regulations 17(1), 18(1), 19(1)/19(2), 20(2)/(2A), 21(2) and 17(2A). These relate to requirements concerning the composition of the Board, Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, Risk Management Committee and quorum requirements for board meetings.
SJVN attributed the non-compliance to the absence of the requisite number of independent directors on its Board. It said there has been no financial or operational impact from the matter.
Like NTPC, SJVN said it is a Government company and that the power to appoint or remove directors rests with the President of India acting through the Ministry of Power. The company said it has been actively pursuing the Ministry for appointment of the requisite number of independent directors.
SJVN also disclosed that the Ministry of Power appointed Arti Kujur as an independent director with effect from July 17, 2026. Following her appointment, the relevant Board committees were reconstituted, and the company said it is now compliant with Regulations 17(2A), 20(2)/(2A) and 21(2). It plans to approach both stock exchanges seeking waiver of the fines.
REC Limited has also received notices from NSE and BSE concerning non-compliance during the quarter ended June 30, 2026, with provisions relating to the composition of the Board of Directors and its committees.
Both exchanges have imposed a fine of INR 10,77,340 each on REC for the non-compliance.
REC said that, as a Government company, Article 91 of its Articles of Association vests the power to appoint directors with the President of India acting through the Ministry of Power. The company said it has no role in the appointment of directors but has repeatedly requested the ministry to appoint the requisite number of independent directors.
