MSTC fined for board composition non-compliance

MSTC Limited announced on November 29, 2025, that both the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) have levied a fine of INR 5,42,800 (including GST) each. These fines, totaling INR 10,85,600, are for the quarter ended September 30, 2025, due to non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding the composition of the board.

The company clarified that as a Mini Ratna Category-I PSU under the Ministry of Steel, Government of India, the power to appoint directors, including independent directors, rests with the President of India. MSTC Limited asserts it has no role in these appointments unless nominated by the government, and that the non-compliances were not due to negligence by management.

MSTC Limited is actively pursuing the appointment of independent directors with the Ministry of Steel and has requested the stock exchanges to waive the fines. The company states that these fines will have no impact on its financial, operational, or other activities.