Engineers India has been fined ₹5,42,800 each by the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE) for non-compliance with Regulation 17(1) of the SEBI Listing Regulations for the quarter ending 31 December 2025. The fines include GST at 18%.
The issue was addressed in Engineers India‘s 394th Board Meeting held on 27 March 2026. The company secretary informed the board that the non-compliance was due to the absence of the required number of independent directors on the board during the specified quarter.
Engineers India, being a public sector undertaking, requires the President of India, acting through the Ministry of Petroleum and Natural Gas (MoPNG), to appoint or change directors on its board. Currently, the company needs four additional independent directors to meet compliance requirements. A request has been sent to the ministry, and follow-ups are ongoing.
The board has advised writing to the Joint Secretary, Corporate Affairs, MoPNG, to explain the situation regarding the fines imposed by the stock exchanges due to the non-compliance.
Engineers India has requested the stock exchanges to waive the fines for the quarter and up to 31 December 2025, citing that the non-compliance is beyond the company’s control.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).