BSE, NSE Impose Over ₹59 Cr Penalty On NTPC, SJVN, REC For Non-Compliance

Stock exchanges BSE and NSE together imposed penalties totalling ₹59.14 crore on public sector power companies NTPC, REC and SJVN for breach of norms.

NTPC, in a regulatory filing, said the company has received notices from BSE and NSE with each imposing a penalty of ₹5,36,900 (inclusive of GST) on account of non-compliance with Regulation 17(1) of the listing regulations.

In its reply to the exchanges, NTPC said it is a government company and "as per the Articles of Association of the Company, the power to appoint or remove directors vests with the President of India through its administrative ministry, i.e., the Ministry of Power.

BSE and NSE have, thus, been requested not to levy the fines imposed, the power giant said.

SJVN said that both BSE and NSE have separately imposed a fine of ₹13,44,020 for non-compliance of certain SEBI listing regulations.

The company said that it will submit a request to both the exchanges for a waiver, as the power to appoint or remove directors vests with the President of India acting through the Ministry of Power.

The company said it is actively pursuing the matter with the Ministry of Power for the appointment of the requisite number of independent directors on its board in compliance with the SEBI listing regulations.

REC said it has received notices from NSE and BSE regarding non-compliance during the quarter ended June 30, 2026, with certain provisions of the listing regulations pertaining to composition of the board of directors and committees thereof. Each of the two bourses has imposed a fine of ₹10,77,340.

REC provides long-term loans and other financing products to state, Centre and private companies for creation of infrastructure assets in the country.