Shipping Corporation of India fined Rs 5.31 lakh each by BSE and NSE

The Shipping Corporation of India has been fined a total of Rs 5,31,000 each by BSE Limited and National Stock Exchange of India Limited for non-compliance with board composition regulations. The penalties, comprising a base fine of Rs 4,50,000 plus 18% GST, were levied for violations of Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company received the communication via email from both exchanges on May 27, 2026.

The disclosure confirms that the action does not have a significant impact on the financial, operational, or other activities of the company. As a Navratna Public Sector Undertaking (PSU), The Shipping Corporation of India noted that the appointment of independent directors, including an independent woman director, is subject to nomination by the Competent Authority. The company is currently in the process of submitting request letters to both stock exchanges regarding this matter.

Penalty Details

Exchange	Penalty Amount	Base Fine	GST
BSE Limited	Rs 5,31,000	Rs 4,50,000	18%
National Stock Exchange of India Limited	Rs 5,31,000	Rs 4,50,000	18%

The company is coordinating with the Competent Authority to ensure the requisite number of independent directors are appointed to its Board in accordance with Regulation 17 of the SEBI Listing Regulations. The event occurred at 1704 hours IST from BSE and 2033 hours IST from NSE on May 27, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.67%	-10.65%	+0.66%	+27.45%	+43.89%	+151.55%

The Ministry of Ports, Shipping and Waterways has approved the entrustment of the additional charge of Director (Technical and Offshore Services) at shipping corporation of india to Rear Admiral Jaswinder Singh. He currently holds the position of Director (Liner and Passenger Services) within the company. This appointment is effective from June 1, 2026, and will remain valid for a period of three months, concluding on August 31, 2026, or until a regular incumbent assumes the role, whichever is earlier.

Rear Admiral Jaswinder Singh brings extensive experience to the position, having previously served as the Director of Bulk and Tanker businesses at SCI for 10 months until May 4, 2026. His tenure with the organization includes roles on the boards of subsidiaries such as SCI Bharat IFSC Ltd until February 23, 2026, and subsequent directorships at Inland and Coastal Shipping Ltd and Sethusamudram Corporation Ltd.

Professional Background

With a distinguished career spanning over three and a half decades in the Indian Navy, Rear Admiral Jaswinder Singh has held several prestigious leadership roles. His previous appointments include Chief of Staff of the Southern Naval Command, Assistant Chief of Naval Staff (Foreign Cooperation), and Principal Director at Naval Headquarters in New Delhi. He has also commanded a Destroyer, a Corvette, and a Training Establishment.

Educational Qualifications and Awards

Rear Admiral Jaswinder Singh is a Post Graduate in Business Administration and an alumnus of the Naval Post Graduate School in California, USA, as well as the Defence Services Staff College in Wellington. In recognition of his distinguished service, he has been awarded the Nau Sena Medal. The company confirmed that he is not related to any other director and is not debarred from holding the office of director by any SEBI order or other authority.