Specific Actions and Orders
- Fines Imposed: ₹9,66,420 each by National Stock Exchange of India Limited (NSE) and BSE Limited
- Period: Quarter ended June 2026
- Date of Receipt: 25th August 2026 (via email from both exchanges)
Details of Violations
Violations pertain to non-compliance with multiple SEBI (LODR) Regulations, 2015:
- Regulation 17(1): Non-appointment of requisite number of Independent Directors
- Regulation 18(1): Composition of Audit Committee non-compliance
- Regulation 19(1)/19(2): Composition of Nomination & Remuneration Committee non-compliance
- Specific deficiency includes non-appointment of one Woman Independent Director
Financial and Operational Impact
- Quantifiable Impact: None
- Material Impact: No material impact on financials, operations or other activities of the Company
Context and Rationale
Oil India Limited attributes the non-compliance to its status as a Government Company where:
- Directors are appointed by the President of India through the Administrative Ministry (Ministry of Petroleum & Natural Gas)
- The Company has been regularly requesting MoP&NG for appointment of requisite number of Independent Directors, including one Woman Independent Director
- The non-compliance is stated to be beyond the Company's control due to the government appointment process