SJVN board acknowledges SEBI non-compliance fines from NSE and BSE

SJVN Limited has disclosed that its board of directors has taken note of notices received from the National Stock Exchange (NSE) and BSE Limited, imposing fines for non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The total fine payable to NSE, including 18% GST, amounts to INR 673,780. The non-compliance relates to regulations concerning the composition of the board (Regulation 17), and the constitution of audit and nomination and remuneration committees (Regulations 18(1) and 19(1)/19(2)).

The NSE notice outlines fines for non-compliance with Regulation 17 (INR 455,000), Regulation 18(1) (INR 58,000), and Regulation 19(1)/19(2) (INR 58,000) for the quarter ended June 30, 2025. SJVN, a Central Public Sector Undertaking (CPSU), clarified that the power to appoint directors rests with the President of India, acting through the Ministry of Power, and neither the company nor its board holds such authority.

The company stated that committees have since been reconstituted with the requisite number of independent directors, making SJVN fully compliant with Regulation 18(1) and 19(1)/19(2). SJVN has also submitted multiple requests to the Ministry of Power to expedite the appointment of independent directors to ensure compliance with Regulation 17(1) concerning the board's composition. It is understood that the government is in the process of appointing these directors.