BHEL fined ₹5.50 L by BSE/NSE for Board composition non-compliance

BHEL has received notices from BSE and NSE, each imposing a fine of ₹5,49,880 (inclusive of GST), for non-compliance with certain clauses of Regulations 17, 18, and 19 of SEBI (LODR) Regulations, 2015 for the quarter ending March 2026. The non-compliance primarily relates to the composition of the Board, where the number of Independent Directors (IDs) was less than 50% of the actual Board strength, and lacked an independent woman director. Following the completion of tenure for two IDs on March 27, 2026, the Audit Committee and Nomination and Remuneration Committee also became non-compliant from March 28, 2026. BHEL, being a Government Company, states that IDs are appointed by the Government of India and is seeking a waiver of the fines while regularly pursuing the Government for requisite ID appointments.