Usage Procedure – How to use the CBAM Calculator Sheet

INPUT
PARAMETERS section (Highlighted in blue)

The system will automatically calculate the payable
emissions and the total CBAM cost (€) based on the
inputs provided.

Notes:
• Change any input value to automatically update CBAM cost.
• Formula used: Carbon price × payable emissions × quantity.
• Model aligned with CBAM supplier-side illustrative methodology.

29 JULY 2026 AL CIRCLE

NALCO seeks waiver of stock exchange penalty over SEBI board composition non-compliance

EDITED BY : PRATYUSHA CHATTERJEE 3MINS READ

Nalco Sebi waiver request

Stock image for referential purposes only

National Aluminium Company Limited (NALCO) has approached the BSE and the National Stock Exchange (NSE) seeking a waiver of penalties imposed for non-compliance with board composition requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, maintaining that the lapse arose from circumstances beyond the company's control.

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The state-owned aluminium producer received communications from both stock exchanges on May 27, 2026, informing it of a penalty of INR 5,31,000 (USD 5,548) each, including 18 per cent GST on a basic fine of INR 4,50,000 (USD 4,702), for failing to comply with Regulation 17(1) of the SEBI (LODR) Regulations during the quarter ended March 31, 2026. Together, the penalties amount to INR 10.62 lakh.

The issue was subsequently reviewed by NALCO's Board of Directors during its 369th meeting held on July 14, 2026. After deliberations, the board recommended that the company continue pursuing a waiver from the exchanges while simultaneously urging the Ministry of Mines to expedite the appointment of independent directors required to restore full regulatory compliance.

In its representation to BSE and NSE, NALCO argued that, as a Central Public Sector Enterprise (CPSE), it does not have the authority to appoint directors independently. The company stated that appointments, including those of independent directors, are made by the President of India, placing the matter outside the company's direct control.

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NALCO had first written to both exchanges on June 2, 2026, requesting condonation of the non-compliance and withdrawal of the penalties. On the same day, it also informed the Ministry of Mines, its administrative ministry, seeking early appointment of the required independent directors to ensure compliance with the Companies Act, 2013, and SEBI's listing regulations.

The board further advised the Chairman-cum-Managing Director to formally apprise the Ministry of Mines of the penalties imposed by the exchanges and reiterate the need for filling the vacant independent director positions at the earliest.

Reaffirming its position, NALCO has requested both BSE and NSE to favourably consider its waiver application, stressing that it has been continuously engaging with the administrative ministry to secure the appointment of the requisite independent directors.

The company has sought condonation of the non-compliance for the quarter ended March 31, 2026, along with a waiver of the penalties levied under Regulation 17(1) of the SEBI (LODR) Regulations, 2015.