PTC India fined by exchanges over independent director vacancy

PTC India has received penalty notices from BSE Ltd. and National Stock Exchange of India Ltd. dated August 30, 2025. These penalties stem from a non-compliance with Regulation 17 of SEBI Listing Regulations, specifically regarding the vacancy of one independent director. The position remained vacant for 55 days, from April 13, 2025, to June 6, 2025.

The fines imposed by both BSE and NSE amount to INR 275,000 each, plus applicable GST. This total fine of INR 550,000 (plus GST) is a result of a daily penalty of INR 5,000 over the 55-day non-compliance period. The company states that the fines are currently being paid.

The vacancy arose after a whole time director was appointed on January 13, 2025, which required the company to appoint an independent director within three months, by April 12, 2025. The non-compliance ceased on June 7, 2025, following the superannuation of another whole time director, which brought the board into compliance with Regulation 17 of SEBI Listing Regulations.