MRPL Fined by BSE & NSE for Board Composition Non-Compliance
Mangalore Refinery and Petrochemicals Limited (MRPL) has been fined ₹5,42,800 each by BSE and NSE for non-compliance with board composition rules for the December 2025 quarter. The issue stems from Regulation 17(1) of SEBI Listing Regulations. MRPL, a Central Public Sector Enterprise, has appealed the fine, arguing that director nominations are controlled by the Ministry of Petroleum and Natural Gas, making compliance challenging.
Mangalore Refinery and Petrochemicals Limited (MRPL) is currently facing regulatory penalties from India's primary stock exchanges, BSE Limited and the National Stock Exchange of India Limited. The company disclosed on March 2, 2026, that it received notices regarding non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Specifically, the issue relates to the composition of its Board of Directors for the quarter that ended on December 31, 2025.Both exchanges have imposed a significant fine of Rs. 5,42,800 each, which includes 18 percent GST, covering the period of non-compliance during the December 2025 quarter. This penalty highlights the strict governance standards mandated for listed entities under the listing regulations. In response, MRPL has taken steps to represent its case to the exchanges, seeking a waiver of the imposed fine. The company explained its unique position as a Central Public Sector Enterprise, where the nomination and appointment of directors to its Board are managed by the Administrative Ministry—the Ministry of Petroleum and Natural Gas, Government of India. This situation, MRPL argues, means that board appointments are not solely within its direct control. The disclosure was made under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015, underscoring the complexities public sector companies face in adhering to corporate governance norms when ministerial appointments are involved.
