The Shipping Corporation of India Ltd. (SCI) has been penalized by both BSE Limited and the National Stock Exchange of India Limited due to non-compliance with regulations regarding the composition of its Board of Directors. The total fine levied by each exchange amounts to ₹5,42,800, inclusive of 18% GST. SCI is taking steps to rectify the situation by coordinating with the appropriate authorities to appoint the required number of directors.
Financial Penalties Incurred
The Shipping Corporation of India (SCI) has received notices from both the BSE Limited and the National Stock Exchange of India Limited concerning non-compliance with regulations governing the composition of the Board of Directors. Each exchange has imposed a fine of ₹5,42,800, which includes 18% GST. This results in a total expense of ₹10,85,600 for the company.
Reason for Penalties
The fines are related to non-compliance with specific stipulations regarding the composition of the Board, specifically pertaining to Regulation 17(1) of SEBI Listing Regulations concerning the board’s composition. SCI is actively working to address these deficiencies.
Company’s Response
As a Navratna Public Sector Undertaking (PSU), SCI is actively coordinating with the Competent Authority to appoint the required number of Independent Directors, including an Independent Women Director. The company is submitting formal requests to both stock exchanges, demonstrating its commitment to resolving the compliance issue. It is expected the process to address the issue will soon be completed.
Impact Assessment
SCI has stated that the financial impact of these penalties is not expected to be significantly material to its overall financial operations.
Date of Occurrence
The penalties were incurred on November 28, 2025, with the BSE notice received at 14:12 hours IST and the NSE notice received at 18:33 hours IST.
Source: BSE