REC Limited has informed the Exchange regarding 'Board comments on fine levied by the Exchanges.'.
RECLTD · price
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NSE and BSE fined REC Limited Rs. 5,42,800 (including GST) for not meeting SEBI Listing Regulations regarding Board composition during the quarter ended December 31, 2025. The non-compliance relates to Regulation 17(1) — failure to have the required number of Independent Directors, including a woman director, over 92 days at Rs. 5,000 per day. REC's Board, which met on March 16, 2026, acknowledged the non-compliance but argued the appointment of Independent Directors is beyond the company's control since it is a Government Company and the power to appoint lies with the President of India through the Ministry of Power. The Board has decided to push for faster appointments with the Ministry of Power and has formally requested the stock exchanges to waive the fine and not levy any further penalties.
The fine amount is small (Rs. 5.42 lakh) and unlikely to materially affect REC's financials, but the underlying issue poses a real risk: if compliance is not achieved in the next quarter, REC's shares could be moved to the Z group and face trading suspension, and the promoter's shareholding could be frozen. The resolution depends entirely on government action, which is outside the company's direct control.