SJVN Limited has decided to close its trading window starting October 1, 2026. The closure will remain in effect until 48 hours after the declaration of financial results for the quarter and year ending September 30, 2026.

This decision is taken in compliance with Regulation 9 read with Clause 4 of Schedule B of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The restriction applies to all designated persons as per the company's Code of Conduct for Regulating and Reporting Trading by Insiders and for Fair Disclosure.

Regulatory compliance and timeline

The company informed the National Stock Exchange of India Limited and BSE Limited about the closure via a formal intimation dated September 29, 2026. The trading window remains shut during the period when unpublished price-sensitive information regarding the quarterly results is available to insiders.

The date of the Board Meeting at which the results are to be considered will be intimated in due course. Insiders are prohibited from dealing in the securities of the company during this blackout period to prevent potential misuse of information.

SJVN has been levied a total fine of ₹13.44 lakh by the BSE and NSE for non-compliance with SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. The penalties stem from failures to appoint independent directors and maintain required board committees during the quarter ended June 2026.

Regulatory Action

The exchanges issued notices on August 25, 2026, citing violations under multiple regulations. The primary breach involves Regulation 17(1), concerning the composition of the Board, including the failure to appoint a woman director. This violation alone attracted a basic fine of ₹4.55 lakh. Additional fines were imposed for non-compliance with the constitution of the audit committee (Regulation 18(1)), nomination and remuneration committee (Regulation 19(1)/19(2)), stakeholder relationship committee (Regulation 20(2)/(2A)), and risk management committee (Regulation 21(2)).

The total basic fine amounts to ₹11.39 lakh, with an additional 18% GST of ₹2.05 lakh, bringing the total payable amount to ₹13.44 lakh. The company must remit this amount within 15 days of the notice date. Failure to pay could result in the freezing of the promoter’s entire shareholding and other securities held in their demat account.

Company Response

In its submission dated September 18, 2026, SJVN explained that as a Government Company under Section 2(45) of the Companies Act, 2013, the power to appoint Directors vests with the President of India acting through the Ministry of Power (MoP). The company stated it does not hold this authority itself.

SJVN noted that it has sent various requests to the Ministry of Power, Government of India, and the Ministry of Power and Power, Government of Himachal Pradesh, to expedite the appointment process. The company added that the government is currently in the process of appointing the CMD and Independent Directors soon.

What the Numbers Show

The fine structure reveals that the bulk of the penalty—approximately 34% of the total basic fine—is attributable to the single violation of Regulation 17(1) regarding board composition. This highlights the regulatory emphasis on diversity and independent oversight within the boardroom. The remaining fines are distributed evenly across the four statutory committees, each carrying a daily penalty rate of ₹2,000, indicating prolonged periods of non-compliance across multiple governance functions simultaneously.