Gujarat State Petronet Limited informs the exchange regarding imposition of Fines by NSE and BSE regarding the non - compliance with the provision of Reg. 17(1) of SEBI LODR Regulations, 2015.
Awaiting price reaction for this filing.
Gujarat State Petronet Ltd (GSPL) received fines from both BSE and NSE for non-compliance with SEBI LODR Regulation 17(1) regarding board composition during the quarter ended December 2025. Each exchange levied a basic fine of Rs 45,000 plus 18% GST of Rs 8,100, totalling Rs 53,100 per exchange (Rs 1,06,200 combined). The non-compliance arose because Independent Director Shri Tapan Ray resigned on October 15, 2025, creating a vacancy that the company says was beyond its control as it is a Government Company and director appointments are made by the Gujarat Government's Energy & Petrochemicals Department. GSPL has appointed a new Independent Director (Shri Jayant Misra) effective October 22, 2025, and is seeking a waiver of the fines, arguing the vacancy was filled within the permissible 3-month window under Regulation 17(1E).
The fine amount is small (under Rs 1.1 lakh total) and the company states there is no material impact on financials, operations, or activities. The stock is unlikely to be affected as the company has a reasonable waiver case given it is a government entity awaiting state-appointed directors.