Indian Oil Fined ₹28.39 Lakh by Exchanges for Governance Lapses

Indian Oil Corporation Ltd has been fined ₹14,19,540 each by BSE Ltd and National Stock Exchange of India Ltd due to non-compliance with SEBI LODR regulations for the quarter ended June 30, 2026. The non-compliance primarily stems from a shortfall in the required number of Independent Directors, including a Woman Independent Director, on the company's board. This also impacted the composition of statutory board committees. Indian Oil has represented to the exchanges that as a Government Company, the appointment of directors lies with the Ministry of Petroleum & Natural Gas, and thus the company should not be held liable. The company has a history of similar notices where waiver requests were favorably considered.