BSE fines 542597 ₹5.31 Lacs for board composition non-compliance

BSE Limited has levied a fine of ₹5,31,000 (including GST) on MSTC Limited for the quarter ended March 31, 2026. The fine is for non-compliance with Regulation 17(1) of SEBI (LODR) Regulations, 2015, pertaining to the composition of the Board. MSTC clarified that as a Mini Ratna Category-I PSU, the appointment of directors, including independent directors, rests with the Government of India (Ministry of Steel), and the company has no role in these appointments. MSTC stated that the non-compliance was not due to its negligence and that it is continuously following up with the Ministry of Steel for nominations. The company has requested BSE to waive the fine, asserting that it has no impact on its financial, operational, or other activities.