Bharat Forge fined by exchanges for listing regulation delay

Pune-based Bharat Forge [BSE: 500493] has been fined by the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) for delays in complying with Regulation 17(1) of the Securities and Exchange Board of India (SEBI) Listing Regulations. The regulation stipulates that at least half of the board must comprise independent directors. Both exchanges have levied a fine of Rs. 5,31,000 (inclusive of GST). The company clarified that while it appointed Non-Executive Independent Directors on December 30, 2024, the delay stemmed from the need to obtain prior approvals from the Ministry of Home Affairs (MHA) and the Department for Promotion of Industry and Internal Trade (DPIIT), due to the company's arms manufacturing license and related regulations. Bharat Forge had applied for a waiver of the fine on December 31, 2024, citing impossibility of compliance due to licensing requirements. The company states the fine has no material impact on the financial performance.