Key Quantitative Figures
- Fine levied by National Stock Exchange of India Limited (NSE): ₹1,292,100 (inclusive of GST)
- Fine levied by BSE Limited: ₹1,528,100 (inclusive of GST)
- Total fines paid: ₹2,820,200
Dates of Action
- Date of fine imposition: Disclosed via emails received on August 25, 2026
- Date of fine payment: August 26, 2026 (today)
- Period of non-compliance: Quarters ended December 31, 2025, March 31, 2026, and June 30, 2026
Parties Involved
- National Stock Exchange of India Limited (NSE)
- BSE Limited
- Kalyani Steels Limited
Nature of Non-Compliance
Non-compliance with Regulation 17(1) of Listing Regulations pertaining to the composition of the Board for three consecutive quarters (Q4 2025, Q1 2026, and Q2 2026).
Remedial Actions Taken
Company appointed two Independent Directors during the compliance period:
- Mr. Shishir Joshipura appointed as Independent Director with effect from May 8, 2026
- Mrs. Vartika Shukla appointed as Independent Director with effect from June 24, 2026
Financial Impact Assessment
The disclosure explicitly states: "The financial impact is not ascertainable at this point" regarding the impact of the non-compliance itself on financial, operational or other activities of the Company.
The fines totaling ₹2,820,200 have been paid and represent a cash outflow, but the underlying compliance issue's financial impact remains unquantified.
Communication Details
- Mode of communication: Email
- Date of receipt: August 25, 2026
- Authorities: NSE and BSE