Indian Oil Corporation Ltd said in a BSE filing on 26 August 2026 that BSE and the National Stock Exchange of India had each imposed a fine of ₹14,19,540, inclusive of GST, for corporate-governance non-compliance during the quarter ended 30 June 2026. The company has requested both exchanges to waive the Indian Oil exchange fines.

The notices, dated 25 August 2026, cited non-compliance with Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A) and 21(2) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Shortfall in independent directors

Indian Oil said the non-compliances primarily related to a shortfall in the required number of independent directors, including a woman independent director, on its board during the June quarter. This also led to non-compliance with the prescribed composition of statutory board committees.

  • BSE fine: ₹14,19,540, inclusive of GST
  • NSE fine: ₹14,19,540, inclusive of GST
  • Period concerned: quarter ended 30 June 2026

In representations submitted to BSE and NSE on 26 August, the state-owned refiner argued that the authority to appoint directors, including independent directors, rests with the Ministry of Petroleum and Natural Gas, Government of India.

Company asks exchanges to waive fines

Indian Oil maintained that the board-level shortfall and the absence of a woman independent director were not caused by negligence or default on its part. It therefore said the company should not be held liable for the penalties and sought their waiver.

The company added that it regularly takes up the appointment of the required independent directors, including a woman independent director, with the ministry to comply with corporate-governance requirements under SEBI LODR and the Companies Act.

Indian Oil also informed the exchanges that it had received similar penalty notices from BSE and NSE in the past, and that its earlier waiver requests had been considered favourably. The disclosure was signed by Company Secretary Kamal Kumar Gwalani.

Source: BSE corporate announcement.