Bharat Dynamics fined for board composition non-compliance

Bharat Dynamics Limited (BDL) announced that both BSE Limited and the National Stock Exchange of India Limited (NSE) imposed a fine of ₹5,42,800 each (inclusive of GST) on November 28, 2025. This penalty is for non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, specifically pertaining to the quarter ended September 30, 2025.

BDL clarified that it has not yet paid the fines, stating that the authority for appointing directors to its board rests with the President of India, acting through the Ministry of Defence. BDL itself has no role in these appointments. The company plans to seek a waiver of the fine from both BSE and NSE due to the impossibility of compliance. It will remain non-compliant with Regulation 17 of SEBI LODR until the necessary number of independent directors are appointed by the Government.

Despite the fines, BDL affirmed that these penalties have no impact on the financial, operational, or other activities of the company.