IOC, BPCL, GAIL fined for 5th qtr in row for not meeting listing norm

India's biggest oil firms including Indian Oil, BPCL and gas utility GAIL have been slapped with fines for a record fifth straight quarter for failing to meet listing norms of having the requisite number of independent and women direcFtors on their board.

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Stock exchanges BSE and NSE have slapped fines on oil 1 refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum - Corporation Ltd (HPCL) and = Bharat Petroleum Corporation Ltd (BPCL), explorer Oil India Ltd (OIL), gas utility IGAIL (India) Ltd, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the April-June quarter.

In separate stock exchange filings, the companies detailed the fines imposed by the BSE and NSE for either not having - the requisite number of independent directors or the man= dated women directors in the • quarter ended June 30, 2024 (first quarter of current 202425 fiscal year), but were quick to point out that appointment of directors was done by the government and they had no role in it. The companies had faced I fines for the same reason the I previous four quarters as well.