Imposition of fine by BSE for the quarter ended 31st March, 2026
MSTCLTD · price
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BSE has levied a fine of Rs. 5,31,000 (including GST) on MSTC Limited for non-compliance with Board composition requirements under SEBI Regulation 17(1). The company is a Mini Ratna Category-I PSU under the Ministry of Steel, Government of India, and states that all Directors including Independent Directors are appointed by the President of India through the administrative ministry, leaving the company with no control over the appointment process. MSTC has clarified that the non-compliance was neither due to negligence nor within management's control, and has requested BSE to waive the fine. The company states the fine has no impact on its financial, operational, or other activities.
The fine is minor relative to company operations and MSTC has requested a waiver, so direct shareholder impact is minimal. However, continued non-compliance with SEBI board composition rules could attract further penalties or regulatory scrutiny if independent director appointments are not made.