BSE, NSE Fine 537820 ₹1.35 Lakh Each for Board Composition Non-Compliance

BSE Limited and National Stock Exchange of India Limited have each imposed a fine of ₹1,35,700/- on 537820. The fines, communicated via emails dated May 27, 2026, are for alleged non-compliance with Regulation 17(1) of the SEBI Listing Regulations, which mandates that the Board of Directors of the top 2000 listed entities shall comprise not less than six directors. The company disputes the applicability of this regulation, stating it does not fall under the category of top 2000 listed entities and claims it was not given an adequate opportunity to be heard by BSE. The company is in the process of submitting an appropriate response/representation to both stock exchanges. The company states there is no material impact on financial, operational, or other activities beyond the fine amount.