MOIL seeks waiver of NSE, BSE fines for Board non-compliance
MOIL Limited approached NSE and BSE to waive ₹5,31,000 fines each imposed for Q4FY26 Board composition non-compliance. The company attributed the issue to the non-appointment of Independent Directors by the President of India. The Board, in its meeting on 29.04.2026, advised pursuing the matter with the Ministry of Steel and requesting a penalty waiver under the NSE carve-out policy.
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MOIL Limited has requested the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) to waive fines of ₹5,31,000 each imposed for non-compliance with Board composition regulations during the quarter ended 31st March, 2026. The company, a Government of India Enterprise, argued that the non-compliance stemmed from the non-appointment of Independent Directors by the President of India, a factor beyond its control. The Board of Directors, in its meeting held on 29.04.2026, advised the company to pursue the matter with the Ministry of Steel and request the exchanges to waive the penalties.
Details of Regulatory Action
The exchanges initially communicated the fines on 27.05.2026 under Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. MOIL Limited stated that all directors are appointed by the President of India through the Ministry of Steel, and the company has been sending letters to the Ministry to make the requisite appointments. The company cited the NSE uniform carve-out policy, which allows for waivers when a Board is unable to approve compliances due to positions not being filled as approval is pending from a regulator or ministry.
| Parameter | Details |
|---|---|
| Authority 1 | National Stock Exchange of India Limited (NSE) |
| Authority 2 | BSE Limited (BSE) |
| Nature of Action | Fine |
| Date of Receipt | 27.05.2026 |
| Violation | Non-compliance with Regulation 17(1) for the quarter ended 31st March, 2026 |
| NSE Fine Amount | ₹5,31,000 (incl. GST) |
| BSE Fine Amount | ₹5,31,000 (incl. GST) |
| Financial/Operational Impact | No impact on financial, operation or other activities of the Company |
The company confirmed that the penalties do not impact its financial, operational, or other activities. The filing was signed by Neeraj Dutt Pandey, Company Secretary and Compliance Officer of MOIL Limited.
Historical Stock Returns for MOIL
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.57% | -1.72% | -4.90% | -9.01% | -19.14% | +62.47% |
What is the likelihood that NSE and BSE will grant the waiver based on the NSE uniform carve-out policy?
How will the Ministry of Steel respond to MOIL's request to expedite the appointment of Independent Directors?
Could this delay in board appointments impact MOIL's ability to make strategic decisions in the upcoming quarter?
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