BSE, NSE impose over ₹59 cr penalty on NTPC, SJVN, REC for non-compliance
Stock exchanges BSE and NSE together imposed penalties totalling Rs 59.14 crore on public sector power companies NTPC, REC and SJVN for breach of norms.
NTPC, in a regulatory filing, said the company has received notices from BSE and NSE with each imposing a penalty of Rs 5,36,900 (inclusive of GST) on account of non-compliance with Regulation 17(1) of the listing regulations.
In its reply to the exchanges, NTPC said it is a government company and "as per the Articles of Association of the Company, the power to appoint or remove directors vests with the President of India through its administrative ministry, i.e., the Ministry of Power.
BSE and NSE have, thus, been requested not to levy the fines imposed, the power giant said.
SJVN said that both BSE and NSE have separately imposed a fine of Rs 13,44,020 for non-compliance of certain SEBI listing regulations.
The company said that it will submit a request to both the exchanges for a waiver, as the power to appoint or remove direct
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