Mumbai : Hindustan Copper Limited (HCL) has informed stock exchanges that it has been fined ₹9,77,040 each by BSE Limited and the National Stock Exchange of India Limited (NSE) for non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended December 31, 2025.
Details of the Penalty
According to exchange communications dated February 27, 2026, the fines were imposed for non-compliance with the following regulations:
- Regulation 17(1): Composition of the Board, including the requirement to appoint a woman director
- Regulation 18(1): Constitution of the Audit Committee
- Regulation 19(1) & 19(2): Constitution of the Nomination and Remuneration Committee
Each exchange levied a total fine of ₹9,77,040 (inclusive of 18% GST), broken down as follows:
- ₹5,42,800 for violation of Regulation 17(1)
- ₹2,17,120 for violation of Regulation 18(1)
- ₹2,17,120 for violation of Regulation 19(1) & (2)
Company’s Explanation
Hindustan Copper Limited clarified that it is a Government of India enterprise and, in line with its Articles of Association, the authority to appoint directors rests with the President of India, acting through the Ministry of Mines.
The company stated that it has already written to the Ministry of Mines seeking appointment of the required number of directors to ensure compliance with SEBI LODR norms. The matter is currently under consideration by the competent authority. Once the necessary appointments are completed, HCL plans to approach both stock exchanges for a waiver of the fines.
No Impact on Operations
HCL emphasized that the penalties imposed by BSE and NSE will not have any material impact on its financial position, business operations, or other activities.
The disclosure was made under Regulation 30 of the SEBI (LODR) Regulations, 2015, and was signed by Mritunjay Kumar Dev, Company Secretary and Compliance Officer of Hindustan Copper Limited.
Hindustan Copper, a key public sector undertaking in India’s mining sector, continues to focus on operational stability and regulatory compliance while awaiting formal appointments to its board.