Date: 27th August, 2026

Regulatory Action & Compliance Disclosure

Fine Imposition:

  • National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) levied a fine of ₹5,36,900 (inclusive of GST) each on the company.
  • The fine was imposed via email dated 25th August, 2026.
  • The penalty is for the quarter ended 30th June, 2026.
  • The non-compliance pertains to Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, concerning the composition of the Board.

Company's Clarification to Exchanges:

  • MSTC Limited is a Mini Ratna Category-I Public Sector Undertaking (PSU) under the administrative control of the Ministry of Steel, Government of India.
  • The President of India holds the power to appoint all Directors (including Independent Directors) on the company's Board.
  • All Director appointments are made by the Government of India through the Ministry of Steel.
  • MSTC Limited stated it has no role in the appointment of any Director unless nominated by the Government of India.
  • The company clarified that the non-compliances were neither due to any negligence/default by the Company nor within the control of its management.
  • The company reported that continuous efforts were made to meet compliance requirements, including following up with the Ministry of Steel for the appointment of independent directors.

KMP / Board Changes

New Appointments:

  • The BLA cell of the administrative ministry (Ministry of Steel) issued orders (No. 1/1/2026-BLA) dated 14th July, 2026.
  • The orders nominated two individuals as Non-Official Independent Directors:
  • Shri Siraiong Singpho (DIN: 11835817)
  • Shri Niwas Mandal (DIN: 11837616)
  • Their term is for a period of three years.
  • The Board of Directors of MSTC Limited subsequently appointed them as Independent Directors.
  • The effective date of their appointment is 18th July, 2026.

Compliance Status:

  • With the appointment of the two new Independent Directors, the company achieved full compliance with Regulation 17 of the SEBI LODR Regulations pertaining to Board Composition.
  • The compliance date is 18th July, 2026.

Request to Stock Exchanges

The company has requested that both NSE and BSE waive the fine levied on it, citing that compliance has now been achieved.

Financial & Operational Impact

The company states that the fine levied by NSE and BSE has no impact on its financial, operational, or other activities.