Date: 18/09/2026
Regulatory Fines Imposed
SJVN Limited has received notices from both BSE Limited (dated August 25, 2026) and National Stock Exchange of India Limited (dated August 25, 2026) imposing fines for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The total fine payable as of August 25, 2026 is ₹1,344,020 (inclusive of 18% GST), comprising:
- Basic Fine: ₹1,139,000
- GST @18%: ₹205,020
Breakdown of Non-Compliances and Fines
BSE Notice Details:
| Regulation | Nature of Non-Compliance | Fine Prescribed | Period | Basic Fine | GST @18% | Total |
| Regulation 17(1) | Non-compliance with board composition including woman director | ₹5,000 per day | June 2026 | ₹455,000 | ₹81,900 | ₹536,900 |
| Regulation 17(2A) | Non-compliance with quorum of Board meetings | ₹10,000 per instance | June 2026 | ₹20,000 | ₹3,600 | ₹23,600 |
| Regulation 18(1) | Non-compliance with constitution of audit committee | ₹2,000 per day | June 2026 | ₹182,000 | ₹32,760 | ₹214,760 |
| Regulation 19(1)/19(2) | Non-compliance with constitution of nomination and remuneration committee | ₹2,000 per day | June 2026 | ₹182,000 | ₹32,760 | ₹214,760 |
| Regulation 20(2)/(2A) | Non-compliance with constitution of stakeholder relationship committee | ₹2,000 per day | June 2026 | ₹150,000 | ₹27,000 | ₹177,000 |
| Regulation 21(2) | Non-compliance with constitution of risk management committee | ₹2,000 per day | June 2026 | ₹150,000 | ₹27,000 | ₹177,000 |
NSE Notice Details (Annexure):
The NSE notice confirms identical fine amounts for the same regulations for the quarter ended June 30, 2026.
Board Comments and Response
The Board of Directors noted the fines and decided to submit the following comments to the stock exchanges:
"SJVN Limited is a Government Company within the meaning of Section 2(45) of the Companies Act, 2013, and as per Article 32 of Articles of Association of the Company, the power to appoint Directors on the Board vests with the Hon'ble President of India acting through the Ministry of Power ("MoP"). The Company or its Board is not vested with any powers in the matter.
The Company has sent various requests to the Ministry of Power, Government of India and MPP and Power, Government of Himachal Pradesh to expedite the process of appointment of Independent Directors on the Board of the Company so as to enable the company to comply with the requirements of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
It is understood that the government is in the process of appointing the CMD and Independent Directors on the board of the Company very soon."
Consequences of Non-Payment
Both exchanges require payment within 15 days from the date of their notices (August 25, 2026). Failure to pay may result in:
- Freezing of the entire shareholding of the promoter in the entity
- Freezing of all other securities held in the demat account of the promoter
- Transfer to Z group and suspension of trading of equity shares for second consecutive quarter of non-compliance
Waiver Process
The exchanges have outlined a waiver application process requiring:
- Compliance as a pre-requisite for applying for waiver
- Submission through NEAPS portal (not via email)
- Non-refundable processing fees of ₹10,000 plus 18% GST if fine amount exceeds ₹5,000 exclusive of GST
- Detailed submission indicating reasons for waiver
Payment Instructions
BSE Payment Details:
- Virtual Bank Account: BSER09889 (ICICI Bank Ltd.-CMS Branch)
- IFSC Code: ICIC0000104
- Account Name: BSE Limited
NSE Payment Details:
- Bank: IDBI BANK LTD, Bandra Kurla Complex, Mumbai
- RTGS/IFSC CODE: IBKL0001000
- Account: Unique Account Code used for Annual Listing fees
Additional Requirements
The company must place the matter of non-compliance and exchange actions before the Board of Directors in its next meeting and inform the exchanges of the Board's comments through the NEAPS portal with announcement text 'Board comments on fine levied by the Exchange'.