NSE rejects waiver application for Rs. 7,72,900 fine; company pays the fine
NSE has rejected Zenith Exports' waiver application against a fine of Rs. 7,72,900/- (including GST@18%) imposed for alleged non-compliance with Regulation 17(1) of the SEBI Listing Regulations.
By ScoutQuest · · 2 min read
- Total fine (incl. GST@18%)
- Rs. 7,72,900/-
- Penalty quarter ended 31-Dec-2025
- Rs. 3,35,000 for the quarter ended 31-Dec-2025 (67 days), at Rs. 5,000 per day
- Penalty quarter ended 31-Mar-2026
- Rs. 3,20,000 for the quarter ended 31-Mar-2026 (64 days), at Rs. 5,000 per day
What the update says
Zenith Exports informed the exchanges that NSE rejected its waiver application against a fine imposed for alleged non-compliance with Regulation 17(1) of the SEBI Listing Regulations. The rejection was notified to the company on October 19, 2026, and the company states it paid the fine on October 23, 2026.
The amount
- Total fine payable, inclusive of GST at 18%: Rs. 7,72,900
- Base fine: Rs. 6,55,000
- GST at 18%: Rs. 1,17,900
How the base fine was built
- Quarter ended 31-Dec-2025: Rs. 5,000 per day for 67 days = Rs. 3,35,000
- Quarter ended 31-Mar-2026: Rs. 5,000 per day for 64 days = Rs. 3,20,000
Why the waiver did not go through
The company is listed on both NSE and BSE. Under an NSE circular dated August 26, 2025, waiver requests from commonly listed companies are segregated between the exchanges, and the decision taken by one exchange applies to the same request at the other. BSE was the designated exchange for processing this waiver, and NSE's letter records that the matter was not considered favourably by BSE. NSE then noted that decision.
What the company said about impact
- The fine has been paid by the company.
- Against the impact on financial, operational or other activities, the annexure states None.
- NSE had asked for payment on or before October 29, 2026, and stated that failure could lead to appropriate action against the company and/or its promoters.
- NSE also asked the company to ensure compliance with the Listing Regulations and other applicable regulations going forward.
How to read this
The update is about delayed compliance with a listing regulation for two quarters, and the penalty that followed. The money involved is a one-time fine that the company says has already been paid, and the company has recorded no impact on its operations from it. The update closes the immediate payment step, while carrying the exchange's direction to stay compliant in future.
More numbers
- Total fine paid, inclusive of GST at 18%Rs. 7,72,900/-
- Total base fine for two quarters6,55,000
- GST at 18% on the fine1,17,900
- Fine amount per day5,000
- Days of non-compliance, quarter ended 31-Dec-202567
- Days of non-compliance, quarter ended 31-Mar-202664
- Fine for quarter ended 31-Dec-20253,35,000
- Fine for quarter ended 31-Mar-20263,20,000
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