Several major public sector and listed companies disclosed penalties imposed by stock exchanges for failing to meet board composition norms (including independent director requirements) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These enforcement actions highlight the importance of maintaining proper board structure and timely appointments to meet regulatory standards. These actions reflect active regulatory monitoring of board governance standards and underscore the responsibility of boards to ensure compliance with SEBI’s composition requirements.
 

• Oil India Limited received a fine of Rs. 5,42,800 for non-compliance with Regulation 17(1) on independent director appointments.
  https://www.psuconnect.in/psu-news/oil-india-fined-5-42-lakh-by-bse-over-board-composition-non-compliance?
   
• Balaji Telefilms Limited was penalised Rs. 9 lakh (Rs. 4.5 lakh each from BSE and NSE) for delayed appointment of an independent director. 
  Balaji Telefilms Penalized Rs. 9 Lakh by Stock Exchanges for Independent Director Appointment Delay
   
• IRFC was fined Rs. 9.77 lakh each by BSE and NSE for board composition violations. 
  Rail Vikas Nigam Limited Faces Rs. 19.54 Lakh Fine for Board Non-Compliance In December 2025 Quarter
   
• State Trading Corporation of India received combined penalties of Rs. 23.88 lakh from exchanges for independent director non-compliance.
  https://www.psuconnect.in/psu-news/stc-india-fined-by-bse-and-nse-for-sebi-lodr-non-compliance?
   
• HMT Limited faced Rs. 10.86 lakh in fines for similar governance lapses.
  https://scanx.trade/stock-market-news/stocks/hmt-limited-fined-10-86-lakh-by-bse-and-nse-for-board-composition-non-compliance/33817997?