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.

SJVN 's 660 MW Buxar Thermal Power Project Unit-II is set to commence operations on September 12, marking a significant milestone for the state-run power company.

Project at a glance

The following table summarises the key details of the upcoming unit commissioning:

The commencement of Unit-II at the Buxar Thermal Power Project represents a notable addition to SJVN's generation portfolio. The 660 MW unit is among the larger thermal units being brought online by the company as it expands its power generation capacity.