Mphasis Board Comments on Alleged Noncompliance: Fine Levied by BSE and NSE for Governance Regulation
Mphasis Ltd., concerning its adherence to listing regulations, has addressed notices from the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE). The notices pertain to alleged non-compliance with Regulation 17(1) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, for the quarter ending March 31, 2026.The company’s Board of Directors reviewed the matter in a meeting held on July 23, 2026. The board reiterated that governance operations were not impaired, as no Board meeting was convened during the period in question. Furthermore, Mphasis emphasized that the Company remained compliant with Regulation 17, stating that the temporary transition involving the appointment of a regular Non-Executive Chairperson should not necessitate immediate induction of additional Independent Directors.
The non-compliance notices addressed by the exchanges were related to both recent and prior periods. The company reported having submitted a waiver application to the Stock Exchanges on March 13, 2026, covering the period from December 11, 2025, to December 31, 2025, as well as the period from January 1, 2026, to January 6, 2026. The outcome of this waiver application is currently awaited by Mphasis.
Penalties Imposed by Stock Exchanges
Both BSE and NSE levied fines against Mphasis for non-compliance with Regulation 17(1) regarding the composition of the Board. The penalties were calculated based on a fine prescribed per day of non-compliance.The following table details the regulatory parameters and the resulting fine amounts assessed by the exchanges for the quarter ending March 31, 2026:
| Regulator | Applicable Regulation | Fine Prescribed (Per Day) | Days of Non-Compliance | Basic Fine Amount | GST @ 18% | Total Fine Payable (Inclusive of GST) |
|---|---|---|---|---|---|---|
| BSE / NSE | Regulation 17(1) | Rs. 5,000 | 6 | Rs. 30,000 | Rs. 5,400 | Rs. 35,400 |
The company has also previously received notices from the Stock Exchanges regarding similar non-compliance for the quarter ending December 31, 2025, and subsequently filed comments to the exchanges on March 28, 2026.
MPHASIS Stock Price Movement
As of 10:13 AM, shares of Mphasis Limited are shedding value, slipping down by 0.99% in live trading, with the stock currently at ₹2210.4. Traded volume stands at 910,756 shares as the information technology firm continues its morning session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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