Shipping Corporation of India Limited has received regulatory penalties from both major stock exchanges for failing to comply with board composition requirements under SEBI regulations. The Navratna public sector undertaking disclosed the fines through a regulatory filing dated February 28, 2026.

Regulatory Penalties Imposed

Both BSE Limited and National Stock Exchange of India Limited have imposed identical fines on the company for non-compliance with Regulation 17(1) of SEBI Listing Regulations related to board composition requirements.

Timeline of Events

The company received penalty notifications from both exchanges on February 27, 2026, with specific timestamps for each communication.

Company's Response and Mitigation Efforts

The Shipping Corporation of India emphasized its unique position as a Navratna Public Sector Undertaking, which affects its board appointment process. The company stated that it is actively coordinating with competent authorities for the appointment of requisite independent directors, including independent women directors, to ensure compliance with Regulation 17 of SEBI Listing Regulations.

Key aspects of the company's position include:

• Only the competent authority has powers to nominate directors on SCI's board
• The company is in the process of submitting request letters to both stock exchanges
• Coordination is ongoing with relevant authorities for appointment of independent directors

Financial Impact Assessment

The company has assessed that the regulatory action does not have significant impact on its financial, operational, or other activities, quantifiable in monetary terms to the extent possible. The total penalty of ₹10.86 lakh represents the combined fine from both exchanges for the board composition non-compliance.

Compliance Framework

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in accordance with the company's Policy for Determination of Materiality of Events/Information. Company Secretary and Compliance Officer Smt. Swapnita Vikas Yadav signed the regulatory filing, ensuring transparency with stakeholders regarding the penalty imposed by the stock exchanges.

The Shipping Corporation of India Limited has completed the formal appointment process for its new Government Nominee Director, providing comprehensive details about the appointee's background and experience. The company submitted the complete regulatory filing on February 24, 2026, following the initial board changes announced on February 23, 2026.

Director Appointment Completion

Following the earlier disclosure on February 23, 2026, regarding approval from the Competent Authority, SCI has now provided complete details for Shri Mukesh Mangal's appointment as Part-time Government Nominee Director. The appointment was formalized through letter no. SS-11025/1/2024-SU dated February 23, 2026, from the Ministry of Ports, Shipping and Waterways.

The company confirmed that Shri Mukesh Mangal is not related to any Director of the Company and is not debarred from holding the office of director by virtue of any SEBI order or any other authority.

Director Profile and Experience

Shri Mukesh Mangal brings extensive experience to SCI's board, belonging to the Indian Telecom Service (ITS) of 1992 batch with a B.Tech in Electronics and Communications. His professional journey spans over 31 years across critical government departments including the Department of Telecommunications and Ministry of Home Affairs.

His notable achievements include establishing various national level security projects in cyber-security, developing the Sanchar Saathi portal, and creating digital intelligence platforms to curb misuse of telecom resources in cyber-crime. Currently, he heads multiple divisions including the development of National Maritime Heritage Complex in the Ministry of Ports, Shipping and Waterways.

Previous Board Changes

The appointment of Shri Mukesh Mangal coincided with the cessation of Shri R. Lakshmanan, Joint Secretary, MoPSW, who ceased to be the Part-time Director (Government Nominee Director) from the board effective February 23, 2026, at 1543 hours.

Regulatory Compliance

The complete disclosure was submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was made in accordance with SEBI Master Circular dated January 30, 2026, and other relevant circulars. The formal communication was signed by Smt. Swapnita Vikas Yadav, Company Secretary and Compliance Officer, and submitted to both BSE Limited and National Stock Exchange of India Limited.