Mahanagar Telephone Nigam Limited (MTNL) has been fined by the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) for non-compliance with board composition norms prescribed by the Securities and Exchange Board of India (SEBI).
In a regulatory filing, the telco said both exchanges had levied a penalty of Rs 0.673 million each for violations relating to the constitution of its nomination and remuneration committee, stakeholder relationship committee and risk management committee.
MTNL said that as a public sector undertaking, all board appointments, including independent directors, are made by the Department of Telecommunications (DoT).
