Disclosure Purpose
Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015 regarding regulatory action by stock exchanges.
Regulatory Action Details
- Fine Amount: ₹5,49,880 each levied by National Stock Exchange of India Limited (NSE) and BSE Limited
- Period: Quarter ended March 2026
- Date of Receipt: Email dated 27th May 2026 from both exchanges
Violation Details
Non-compliance with SEBI (LODR) Regulations, 2015 regarding:
- Regulation 17(1): Non-appointment of requisite number of Independent Directors (including one Woman Independent Director)
- Regulation 18(1): Composition of Audit Committee
- Regulation 19(1)/19(2): Composition of Nomination & Remuneration Committee
Financial Impact Assessment
The company explicitly states: "None. There is no material impact on financials, operations or other activities of the Company."
Context and Rationale
Oil India Ltd, being a Government Company, explained that:
- Directors on the Board are appointed by the President of India through Administrative Ministry [Ministry of Petroleum & Natural Gas (MoP&NG)]
- The company has been regularly requesting MoP&NG for appointment of requisite number of Independent Directors
- The non-compliance is attributed to being "beyond the control of the Company" due to the government appointment process