Oil India Limited has been penalized by BSE Limited with a fine of ₹5,42,800 for non-compliance with board composition requirements under SEBI regulations. The regulatory action pertains to the company's failure to appoint the requisite number of Independent Directors for the quarter ended December 2025.

Regulatory Action Details

The fine was imposed under Regulation 17(1) of SEBI (LODR) Regulations, 2015, which mandates specific board composition requirements including adequate representation of Independent Directors. Oil India received official notification of this penalty through an email dated 27th February 2026.

Company's Position and Explanation

Oil India Limited has provided clarification regarding the circumstances leading to this non-compliance. As a Government of India enterprise operating under the Ministry of Petroleum & Natural Gas, the company emphasized that board appointments are made by the administrative ministry rather than by the company itself.

The key points of the company's explanation include:

• Directors are appointed by the Ministry of Petroleum & Natural Gas
• The non-compliance was beyond the company's direct control
• Oil India has been actively requesting the ministry for appointment of requisite Independent Directors
• The company is working to ensure compliance with SEBI (LODR) Regulations, 2015

Financial and Operational Impact

Oil India Limited has assessed that this regulatory fine will have no material impact on the company's financial position, operations, or other business activities. The company has explicitly stated that the penalty amount and the underlying compliance issue do not pose significant risks to its ongoing operations or financial performance.

Compliance Framework

This incident highlights the regulatory framework governing board composition for listed companies under SEBI regulations. Regulation 17(1) of SEBI (LODR) Regulations, 2015 establishes mandatory requirements for Independent Director representation on corporate boards to ensure proper governance and oversight.

The disclosure was made in accordance with Regulation 30 of SEBI (LODR) Regulations, 2015, which requires listed companies to inform stock exchanges about material events and regulatory actions. Oil India's Company Secretary and Compliance Officer A.K. Sahoo signed the official communication to both NSE and BSE regarding this matter.

Oil India Limited has announced a senior management transition with the upcoming superannuation of its Executive Director (Business Development). The company communicated this development to stock exchanges in compliance with regulatory disclosure requirements.

Senior Management Transition

The company has informed that Shri Ranjan Goswami, who serves as Executive Director (Business Development), will be superannuating from his position on February 28, 2026. This position is classified as senior management, representing one level below the Board of Directors in the organizational structure.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The notification was formally communicated to both the National Stock Exchange of India Limited and BSE Limited on February 27, 2026.

The disclosure was signed by A.K. Sahoo, Company Secretary & Compliance Officer, ensuring proper adherence to corporate governance and transparency requirements. Oil India Limited, being a Government of India enterprise with its registered office in Duliajan, Assam, maintains regular communication with stakeholders regarding significant organizational changes.