The National Stock Exchange and the Bombay Stock Exchange have penalised over a dozen companies for alleged non-compliance with certain listing regulations.
Oil and Natural Gas Corp., Adani Green Energy Ltd., Indian Oil Corp., Hindustan Zinc Ltd., Indian Railway Finance Corp., Vedanta Ltd., Bharat Petroleum Corp., GAIL Ltd., Hindustan Petroleum Corp., Ircon International Ltd., and Garden Reach Shipbuilders and Engineers Ltd. were fined over Rs 5 lakh each by both the bourses on Wednesday.
Adani Enterprises Ltd. has been fined Rs 34,000, while a penalty of Rs 2.36 lakh was imposed on Max Healthcare Institute Ltd. R Systems International Ltd., Subex Ltd., Raj Rayon Industries Ltd., and Hindustan Composites Ltd. were fined Rs 76,000, Rs 41,300, Rs 4.96 lakh, and Rs 1.62 lakh, respectively.
The listing regulation deals with SEBI requiring the presence of a certain number of independent directors and women directors on the board of all listed companies.
The public sector companies that came under the scanner, such as ONGC, Indian Oil, IRFC, BPCL, GAIL and Hindustan Petroleum, have said that the non-compliance was not due to negligence since the members of their boards were appointed by the Union government.
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