Regulatory Repercussions: SJVN Faces NSE & BSE Fines for Listing Violations

State-owned SJVN is facing fines levied by the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for failing to comply with certain Securities and Exchange Board of India (Sebi) listing regulations. This action highlights regulatory scrutiny on corporate governance.

The exchanges imposed penalties of INR 6,73,780 each, citing non-compliance with norms related to the composition of the Board, Audit Nomination Committee, and Remuneration Committee due to insufficient independent directors. Despite the fines, SJVN claims there is no financial or operational impact on its activities.

SJVN, a government enterprise, mentioned that the appointment of directors falls under the jurisdiction of the Ministry of Power. The company is in discussions with the ministry to ensure compliance by appointing the necessary independent directors. It affirmed that all committees have been reconstituted to meet Sebi's requirements, restoring full regulatory compliance.

(With inputs from agencies.)