Mangalore Refinery and Petrochemicals Limited (MRPL) has received notices from BSE Limited and the National Stock Exchange of India Limited regarding non-compliance with Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, concerning the composition of its Board for the quarter ended December 31, 2025. Consequently, MRPL has been levied a fine of ₹5,42,800 each by both BSE and NSE, totaling ₹10,85,600 (including GST @18%). The company has submitted a representation to the exchanges seeking a waiver of these fines. MRPL highlighted that as a Central Public Sector Enterprise (CPSE), the nomination of Directors to its Board is made by the administrative ministry, the Ministry of Petroleum and Natural Gas, Government of India.
