BSE, NSE Slap Rs 5.36 Lakh Fine Each On BHEL For Non-Compliance Of Norms

State-owned engineering firm Bharat Heavy Electricals Ltd. on Monday said the bourses BSE and NSE have imposed a fine of Rs 5,36,900 each for not appointing independent directors as required under the legal framework.

According to a regulatory filing, BHEL is proposing to seek a waiver of fines levied by stock exchanges.

It is pertinent to mention that BHEL is a state-owned company and directors, including independent directors, are appointed by the central government, it said.

BHEL regularly consults the government for the appointment of the requisite number of independent directors to ensure compliance with the regulations, it added.

"The company is in receipt of notice dated Aug. 29, 2025, from BSE Ltd and National Stock Exchange of India Ltd (NSE), each imposing a fine of Rs 5,36,900 (inclusive of GST) for noncompliance of Regulation 17 (1) of SEBI (LODR) Regulations, 2015, for the quarter ending June 2025 pertaining to composition of Board of Directors as the number of Independent Directors was less than 50% of the actual strength of the BHEL’s Board," the statement said.