Date: 11-June-2026
Regulatory Action & Fines
Bharat Coking Coal Limited (BCCL) received notices from both Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) dated 27-May-2026 regarding non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 for the quarter ended 31st March 2026.
Fine Details:
- Each exchange imposed a fine of ₹7,64,640/- (inclusive of 18% GST)
- Total financial implication: ₹15,29,280 (combined from both exchanges)
Breakdown of NSE Fine (BSE fine structure identical):
- Regulation 17(1): ₹360,000 (72 days @ ₹5,000/day)
- Regulation 18(1): ₹144,000 (72 days @ ₹2,000/day)
- Regulation 19(1)/19(2): ₹144,000 (72 days @ ₹2,000/day)
- Subtotal: ₹648,000
- GST @18%: ₹116,640
- Total: ₹764,640
Nature of Violations:
Non-compliance with:
- Regulation 17(1) - Related to board composition
- Regulation 18(1) - Related to constitution of committees of the board
- Regulation 19(1)/19(2) - Related to related party transactions
Company's Response & Justification
BCCL contends that the non-compliance was beyond its control because:
- Appointment of Independent Directors in Central Public Sector Enterprises (CPSEs) is carried out by the Government of India with approval of the President of India
- The company had obtained specific exemptions from SEBI from compliance with applicable provisions of SEBI (LODR) Regulations prior to listing
- The matter demonstrates proactive approach during transition from unlisted to listed entity
- The non-compliance was neither due to negligence nor within the control of BCCL management
Current Actions
The company is:
- Continuously pursuing the matter with the Administrative Ministry (Ministry of Coal) for appointment of requisite number of Independent Directors, including a Woman Independent Director
- Requesting both stock exchanges to waive the imposed fines
- Fully committed to compliance with Companies Act, 2013 and SEBI (LODR) Regulations
Board Meeting Outcomes
The matter was placed before the Board of Directors in its meeting held on 30th May 2026. The Board made the following comments:
- Submission of request to Stock Exchanges for waiver of fines stating the facts
- Taking up the matter with Ministry of Coal for appointment of Independent Directors on the Board for compliance with Companies Act 2013, SEBI LODR Regulations 2015 and other applicable rules
Exchange Procedures
The NSE notice (Ref: NSE/LIST-SOP/COMB/FINES/0611) specifies:
- Fine payment required within 15 days from date of notice (27-May-2026)
- Waiver applications must be submitted through NEAPS portal path: NEAPS>>Compliance>>Fine Waiver>>Waiver Request
- Non-refundable processing fee of ₹10,000 plus 18% GST required if fine amount exceeds ₹5,000 exclusive of GST
- Compliance is prerequisite for waiver application
- Company must place the non-compliance and exchange action before the Board and inform exchange of Board comments
Financial Results
Not Specified
Dividend Declaration
Not Specified
KMP / Board Changes
Not Specified
Disinvestment / Strategic Actions
Not Specified
Other Operational Disclosures
Not Specified