Mangalore Refinery and Petrochemicals Limited Fined for Non-Compliance by Stock Exchanges

Strategic Insights -

Mangalore Refinery and Petrochemicals Limited (MRPL), a Central Public Sector Enterprise, has received fines from the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) for non-compliance with the provisions of Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The fines, totaling ₹5,36,900 each, were imposed for the Company's failure to maintain the required composition of its Board of Directors as of June 30, 2025. MRPL has already submitted a representation to the exchanges seeking a waiver of the fine, citing the nomination of directors by the Government of India as the reason for the non-compliance.

Key Takeaways:

  • MRPL received fines from BSE and NSE totaling ₹5,36,900 each for non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • The non-compliance pertains to the Company's failure to maintain the required composition of its Board of Directors as of June 30, 2025.
  • MRPL has submitted a representation to the exchanges seeking a waiver of the fine, citing the nomination of directors by the Government of India as the reason for the non-compliance.
  • The Company emphasized that, being a CPSE, the nomination of directors is made by the Administrative Ministry, i.e., the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India.
  • MRPL has requested the Exchanges to take this information on record.

Statistics:

  • ₹5,36,900: the amount of fine imposed on MRPL by BSE.
  • ₹5,36,900: the amount of fine imposed on MRPL by NSE.
  • 1: the fact that the non-compliance pertains to the composition of the Board of Directors as of June 30, 2025.

Sources:

  • National Stock Exchange of India Limited
  • Mangalore Refinery and Petrochemicals Limited
  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • Ministry of Petroleum and Natural Gas (MoP&NG), Government of India
  • Bombay Stock Exchange (BSE)
  • Regulations of SEBI (Listing Obligations and Disclosure Requirements)