MphasiS Limited has been fined ₹1,23,900 by the National Stock Exchange of India Limited (NSE) for non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The fine pertains to the quarter ending December 31, 2025, and includes a daily penalty of ₹5,000 for 21 days of non-compliance, along with 18% GST.
The issue arose due to the absence of a Chairperson from December 11, 2025, to January 6, 2026. During this period, no board meetings were held, and the appointment of a Chairperson was only finalised on January 7, 2026, with the first subsequent board meeting occurring on January 22, 2026. MphasiS has maintained that its governance operations were unaffected during this time.
In response, MphasiS has submitted a waiver application to both the NSE and BSE on March 13, 2026, and is currently awaiting the outcome. The company has reiterated its commitment to full compliance with SEBI and stock exchange requirements.
The NSE has warned that failure to comply could lead to further actions, such as freezing the entire shareholding of the promoters and shifting trading in the company’s securities to a ‘Trade for Trade’ basis.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).