SAL Steel fined ₹4.40 lakh each by NSE, BSE for ICDR non-compliance

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SAL Steel fined ₹4.40 lakh each by NSE, BSE for ICDR non-compliance

Finance Saathi Team

19/Feb/2026

NSE and BSE imposed ₹4.40 lakh plus 18% GST each on SAL Steel for ICDR Regulations non-compliance in March 2026 quarter.
The fine relates to a delay of 22 days in filing trading approval application after grant of listing approval.
SAL Steel clarified that the penalty has no impact on its financial position, operations or other business activities.

SAL Steel Limited has informed stock exchanges that both National Stock Exchange of India Limited and BSE Limited have imposed monetary penalties on the company for non-compliance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The disclosure was made under Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Details of the Penalty

According to the company’s filing:

Fine imposed by NSE: ₹4,40,000 plus GST @18%
Fine imposed by BSE: ₹4,40,000 plus GST @18%
GST (18%): ₹79,200 per exchange
Total payable per exchange: ₹5,19,200
Total outgo for both exchanges: ₹10,38,400

The penalties were communicated via email:

From NSE on February 13, 2026
From BSE on February 18, 2026

Nature of the Non-Compliance

The fine relates to:

Non-compliance with SEBI (ICDR) Regulations, 2018
Delay in filing an application for trading approval to the stock exchanges
The filing was required within 7 working days from the date of grant of listing approval
The delay was 22 days
The applicable quarter: March 2026

The penalty was levied as per the SEBI Master Circular dated June 21, 2023.

Impact on the Company

SAL Steel Limited clarified that:

There is no impact on financial performance
There is no operational impact
There is no impact on other business activities

The disclosure was signed by Devilal J Shah, Company Secretary and Compliance Officer.

Exchange Details

BSE Scrip Code: 532604
NSE Symbol: SALSTEEL

Conclusion

The penalties imposed on SAL Steel Limited stem from a procedural delay under SEBI’s ICDR Regulations for the March 2026 quarter. While the monetary outgo totals over ₹10 lakh across both exchanges, the company has stated that the development does not affect its financial or operational position.

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Services

SAL Steel fined ₹4.40 lakh each by NSE, BSE for ICDR non-compliance

Details of the Penalty

Nature of the Non-Compliance

Impact on the Company

Exchange Details

Conclusion

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Disclaimer