Hindustan Copper fined for board and committee non-compliance

Hindustan Copper Limited (HCL) received fines totaling INR 980,580 each from both BSE Limited and the National Stock Exchange of India Ltd (NSE) on August 29, 2025. The penalties stem from non-compliance with various SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically related to the composition of its board, audit committee, nomination and remuneration committee, stakeholder relationship committee, and risk management committee.

The fines imposed cover non-compliance with Regulations 17(1), 18(1), 19(1) & (2), 20(2) & (2A), and 21(2). For instance, Regulation 17(1) related to board composition incurred a basic fine of INR 455,000, while non-compliance with audit committee (Regulation 18(1)) and nomination and remuneration committee (Regulation 19(1)/19(2)) each resulted in a basic fine of INR 182,000.

HCL, as a government company, stated that the power to appoint directors rests with the president of India, acting through the Ministry of Mines. The company has communicated with the ministry to address the appointment of the required number of directors and intends to seek a waiver of the fines once compliance is achieved. Currently, there is no impact on the company's financial, operational, or other activities due to these fines.