The Shipping Corporation of India Ltd. (SCI) was notified of fines levied by both the BSE Limited and the NSE for non-compliance concerning the composition of its Board of Directors. A total fine of ₹5,42,800/- each (including GST) was imposed by both exchanges. SCI noted that the failure relates to the appointment of requisite Independent Directors, a process requiring coordination with the Competent Authority, which holds the power to nominate directors.
Regulatory Non-Compliance Notified
The Shipping Corporation of India Ltd. (SCI) has received formal communication regarding financial penalties imposed by the stock exchanges for non-adherence to statutory listing regulations concerning the Composition of the Board of Directors. The disclosures were received on February 27, 2026, from both the BSE Limited and the National Stock Exchange of India Limited.
Details of Penalties Imposed
Both exchanges levied an identical fine against the company for the specified violation. The total penalty amounted to ₹5,42,800/- each, which comprises the base fine of ₹4,60,000/- plus 18% GST. The occurrences of the event were recorded at 1751 hours IST for the BSE and 2217 hours IST for the NSE on February 27, 2026.
Impact and Remedial Action
The company explicitly stated that this action is not expected to have a significant impact on its financial standing, operations, or any other quantifiable monetary activities. As a Navratna Public Sector Undertaking, SCI clarified that the nomination of Independent Directors, including Independent Women Directors, is contingent upon the Competent Authority, which exclusively holds the power to nominate such members to the Board.
SCI confirmed that it is currently in the process of submitting formal request letters to both stock exchanges regarding the situation and assuring compliance moving forward.
Source: BSE
