Board commnets on fine levied by the Exchanges.
RECLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
NSE and BSE fined REC Limited for not meeting SEBI Listing Regulations regarding the composition of its Board and Committees during the quarter ended June 30, 2026, owing to a shortage of Independent Directors. The Board, at its meeting on September 19, 2026, acknowledged the non-compliance and the fines imposed. It directed the management to regularly follow up with the Ministry of Power (Government of India) to speed up the appointment of the required Independent Directors. REC clarified that as a Government Company, the appointment of Independent Directors is entirely the prerogative of the President of India through the Ministry of Power, and the company itself has no role in the process, and requested that the fines be waived. The exact fine amount was not disclosed in the filing.
This is a minor regulatory penalty, not a material financial event — the fine amount (not disclosed) is likely immaterial for a Maharatna PSU of REC's size. However, the continued absence of Independent Directors is a governance red flag and recurring non-compliance could attract additional penalties or action from SEBI if not resolved soon.