BSE has waived fines imposed on PowerGrid for non-compliance with certain regulations of SEBI (Listing Obligations and Disclosure Requirements) for the quarters ended December 31, 2024, March 31, 2025, and June 30, 2025. These fines related to regulations concerning the Board’s quorum, composition of committees, and independent directors.
Waiver of Fines
PowerGrid has received communication from BSE stating that the fines imposed for non-compliance with certain regulations under SEBI (Listing Obligations and Disclosure Requirements) have been waived. This follows PowerGrid’s request for a waiver, citing issues with the composition of committees. The matter had been regularly pursued with both NSE and BSE.
Regulations for Which Fines Were Waived
The fines waived by BSE pertain to non-compliance with the following regulations for the specified quarters:
- Regulation 17(2A) – Quorum of the Board Meeting (for quarters ended December 31, 2024, and March 31, 2025)
- Regulation 18(1) – Audit Committee (for quarters ended December 31, 2024, March 31, 2025, and June 30, 2025)
- Regulation 19(1)/19(2) – Nomination and Remuneration Committee (for quarters ended December 31, 2024, March 31, 2025, and June 30, 2025)
- Regulation 20(2) – Stakeholders Relationship Committee (for quarters ended December 31, 2024, March 31, 2025, and June 30, 2025)
- Regulation 21(2) – Risk Management Committee (for quarters ended December 31, 2024, March 31, 2025, and June 30, 2025)
Previous Non-Compliance
Earlier communications indicated PowerGrid’s difficulty in meeting the requirements of Independent Directors, contributing to the initial non-compliance during Q3 2024-25 and Q4 2024-25. This situation arose because the power to appoint Independent Directors rests with the President of India. However, fines relating to quarter ended June 30, 2025 for Regulation 17(2A) of SEBI LODR were not levied.
Previously NSE had also waived off fines for aforesaid regulations and respective quarters vide its letter dated September 12, 2025.
Source: BSE