Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from both the BSE and NSE for non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The lapses pertain to the composition of the Board and Sub-committees for the quarter ended June 30, 2026. Consequently, MRPL has been levied a fine of ₹14,19,540 from each exchange. The company has appealed for a waiver, citing that director nominations are managed by the Ministry of Petroleum and Natural Gas.
Non-Compliance Notices Issued to MRPL
Mangalore Refinery and Petrochemicals Limited (MRPL) has been formally notified by both the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) regarding non-compliance with specific provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These violations relate to the composition of the Board and its Sub-committees for the financial quarter that concluded on June 30, 2026.
Fines Levied by Exchanges
As a result of these non-compliance issues, MRPL has been subjected to a financial penalty. The company has been levied a fine amounting to ₹14,19,540 by the BSE and an identical fine of ₹14,19,540 by the NSE. These fines are inclusive of an 18% Goods and Services Tax (GST).
Company’s Response and Appeal
In response to the fines, MRPL has submitted an appeal to the Stock Exchanges requesting a waiver. The company highlights its status as a Central Public Sector Enterprise (CPSE). MRPL’s position is that the nomination of Directors to its Board is managed by the Administrative Ministry, specifically the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India. The company seeks leniency based on this governmental oversight of its board composition.
Source: BSE
