Gujarat State Petronet Ltd (GSPL) has been penalized by stock exchanges for non-compliance related to corporate governance norms during the quarter ended December 2025. The total fine levied by both BSE and NSE amounts to ₹1,06,200 (including GST). The primary lapse was concerning Regulation 17(1), requiring a fine of ₹53,100 per exchange. The company has been directed to pay the fines within 15 days or face further action, including freezing promoter holdings.
Penalty Notice Received for Q3 FY2025-26
Gujarat State Petronet Limited has received notices from both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) concerning non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended December 2025.
The communication dated March 11, 2026, confirmed the imposition of penalties following earlier intimations.
Details of Non-Compliance and Fines
The primary area of non-compliance identified across both exchanges pertains to Regulation 17(1), relating to the composition of the Board, including the failure to appoint a woman director.
BSE Imposition (Email dated February 27, 2026)
- Regulation Breached: Regulation 17(1)
- Fine Structure: Basic Fine of ₹45,000 plus GST @ 18% (₹8,100).
- Total Fine Payable to BSE: ₹53,100.
- Default Period: 9 days of non-compliance for the quarter ended December 2025.
NSE Imposition (Letter dated February 27, 2026)
- Regulation Breached: Regulation 17(1)
- Fine Structure: Basic Fine of ₹45,000 plus GST @ 18% (₹8,100).
- Total Fine Payable to NSE: ₹53,100.
While other regulations (such as 17(1A), 17(2), 18(1), 19(1/2), 20(2/2A), 21(2), 27(2), and 27(2)) were listed as having ₹0 fine levied for the same quarter, the company is directed to ensure full rectification.
Compliance and Payment Directives
GSPL has been advised that the computed fines must be paid within 15 days from the date of the notices.
The exchanges warned that failure to pay may result in the initiation of punitive action, including the freezing of the entire shareholding of the promoter in the demat account. Furthermore, if Regulation 17(1) non-compliance occurs for a second consecutive quarter, the company risks being transferred to the ‘Z’ group, leading to the suspension of trading.
The company is also required to place the matter before the Board of Directors at its next meeting and disseminate the Board’s comments to the Exchange via the designated path in the NEAPS portal.
Waiver Application Process
If the company intends to seek a waiver for the levied fines, it must first achieve compliance. Processing fees of ₹10,000 plus 18% GST (₹11,800) are payable only if the fine amount (exclusive of GST) exceeds ₹5,000. The waiver request must be submitted through the NEAPS portal, not via email, and payment details must be provided to the exchanges promptly.
Source: BSE
