Oil India has been fined ₹5,49,880 each by the National Stock Exchange of India Limited (NSE) and BSE Limited for the quarter ended March 2026. The fines were imposed due to non-compliance with SEBI (LODR) Regulations, 2015, specifically concerning the appointment of independent directors.
The regulatory authorities cited violations of Regulation 17(1), 18(1), and 19(1)/19(2) of SEBI (LODR) Regulations, which pertain to the non-appointment of requisite independent directors, including a woman independent director, and the composition of the Audit Committee and Nomination & Remuneration Committee.
The company received the communication from NSE and BSE via email on 27th May 2026. Despite the fines, Oil India stated that there is no material impact on its financials, operations, or other activities.
Oil India, being a government company, explained that the appointment of directors on its board is managed by the President of India through the Ministry of Petroleum & Natural Gas (MoP&NG). The company has been in regular communication with the MoP&NG, requesting the appointment of the requisite number of independent directors to comply with the SEBI regulations.
The company reiterated that the non-compliance issue is beyond its control, as the directors are appointed by the Government of India.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).