National Aluminium Company Limited Seeks Waiver for Exchange Penalties
National Aluminium Company Limited (NALCO) has requested waivers for fines levied by the Bombay Stock Exchange (BSE) and National Stock Exchange (India) Limited (NSE) related to non-compliance with SEBI (LODR) Regulations. The company was fined a total of Rs. 5,42,800, including GST, which comprised a basic fine amount of Rs. 4,60,000.The penalties stemmed from non-compliance with Regulation 17(1) of the SEBI (LODR) Regulations for the quarter ended December 31, 2025. NALCO maintains that as a Central Public Sector Enterprise (CPSE), the appointment of directors is vested with the President of India, and the company lacks control over these appointments.
On March 6, 2026, NALCO’s Board of Directors acknowledged the fines and advised the company to inform both the BSE and NSE of the circumstances. The Board also recommended that the Chairman-cum-Managing Director communicate with the Administrative Ministry regarding the penalties and request the expedited appointment of independent directors.
The company has previously informed the Ministry of Mines, through the Administrative Ministry, regarding the need for the appointment of independent directors. NALCO is seeking favorable consideration for a waiver application submitted on March 3, 2026.
Board Resolution Highlights:
The Board of Directors’ resolution on March 6, 2026, included the following key points:- The company should inform the BSE and NSE that NALCO is a CPSE and the authority for director appointments rests with the Government of India.
- The Chairman-cum-Managing Director should write to the Administrative Ministry regarding the penalties and advocate for the early appointment of independent directors to comply with the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
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