GURUGRAM — State-owned Power Grid Corporation of India Limited (POWERGRID) has requested a waiver from stock exchanges after incurring combined penalties of ₹22.72 lakh from BSE and NSE for non-compliance with SEBI Board composition regulations during Q1 FY27.
The penalties, amounting to ₹11.36 lakh per exchange (inclusive of GST), stem from a shortfall of Independent Directors during the quarter ended June 30, 2026. The vacancy affected board meeting quorums and statutory committee formations, including the Audit and Nomination & Remuneration committees. In its representation, POWERGRID highlighted that director appointments in central public sector undertakings are made by the President of India via the Ministry of Power, placing the delay beyond the company’s direct control.
Highlights & Compliance Overview
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Penalty Breakdown: ₹11,36,340 each levied by BSE and NSE (Total: ₹22,72,680).
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Nature of Violation: Non-compliance with SEBI LODR norms due to unfulfilled Independent Director positions and affected statutory committees.
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Period Covered: Quarter ended June 30, 2026.
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Company Action: Official waiver application filed with BSE and NSE on August 26, 2026.
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PSU Sector Trend: Mirrors recent exchange-imposed board composition fines on other state-run entities, including IRFC and BHEL.
