Bharat Petroleum Corporation Limited (BPCL) has intimated the stock exchanges about fines levied by BSE Limited and National Stock Exchange of India Limited for non-compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
Key Quantitative Figures
- Fine amount: ₹14,66,740 levied by each stock exchange (BSE and NSE)
- Total fine amount: ₹29,33,480
- Period of non-compliance: 91 days
- Date of receipt of notices: 25th August, 2026
Details of Violation
Non-compliance with requirements pertaining to:
- Composition of the Board
- Quorum of Board meetings
- Constitution of Audit Committee
- Constitution of Nomination and Remuneration Committee
- Constitution of Stakeholder Relationship Committee
- Constitution of Risk Management Committee
Reason for Non-Compliance
The independent directors completed their tenure in March 2026, and the company currently has no independent directors on the Board. As a government company, all directors are appointed through nominations from the Government of India. The company is unable to constitute the required committees without independent directors.
Financial Impact
The disclosure explicitly states: "No material impact" on financial, operational or other activities of the listed entity.
Company Response
BPCL is continuously following up with the Government of India for fresh appointments of requisite number of Independent Directors. The company will approach both BSE Limited and National Stock Exchange of India Limited for waiver of the fines, citing that BPCL has no control over the appointment of directors as they are appointed after receipt of nomination from Government of India.
Future Action
Once nominations are received from the Government of India, the company shall promptly reconstitute the Board and the required committees in compliance with SEBI (LODR) Regulations, 2015.