SEL Manufacturing Company Limited has informed the Exchange regarding 'Imposition Of Fine By Regulatory Body'.
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Awaiting price reaction for this filing.
SEL Manufacturing has informed exchanges that NSE and BSE have imposed a fine of Rs. 82,600 each (total ~Rs. 1.65 lakh) for the quarter ended 31st March 2025. The penalty is for non-compliance with SEBI Listing Regulation 6(1), which requires every listed company to appoint a qualified Company Secretary as its Compliance Officer. The company explained that it struggled to fill the position as candidates were reluctant to join due to ongoing financial losses and its recent Corporate Insolvency Resolution Process (CIRP). It has since appointed Mr. Sumit Sushil Jain as the Compliance Officer with effect from 12th March 2025.
The fine is small and financially negligible, but it highlights governance and compliance weaknesses at a company that has already gone through insolvency proceedings. Investors may view this as another red flag on the company's weak financial health and recurring compliance issues.