DPSC Limited (NSE: DPSCLTD, MSE: DPSCLTD) – Notice of Non‑Compliance and Fine under SEBI Regulation 33

Introduction

On 12 September 2026, India Power Corporation Limited (formerly DPSC Limited) filed a corporate announcement with the National Stock Exchange (NSE) and the Metropolitan Stock Exchange (MSE). The filing informs investors that the company has received notices from both exchanges for non‑compliance with Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015 – specifically, the delayed submission of its financial results for the quarter ended 30 June 2026.

Key Points of the Announcement

1. Regulatory non‑compliance

Item	Detail
Regulation breached	Regulation 33 (submission of quarterly financial results)
Quarter concerned	Q2 FY 2026 (ended 30 June 2026)
Date of notice	11 September 2026 (NSE: NSE/LIST‑SOP/FINES/1028; MSE: MSE/LIST/2026/1110)
Reason for delay	Ongoing Corporate Insolvency Resolution Process (CIRP) – board powers suspended, financials under review by the Resolution Professional and Management Committee

2. Financial impact of the fine

• Fine per day: ₹5,000 (Regulation 33)
• Days of non‑compliance: 26 (30 Jun 2026 → 14 Aug 2026)
• Base fine: ₹130,000
• GST (18 %): ₹23,400
• Total fine payable: ₹153,400 (≈ ₹1.53 Lakhs)

Annexure‑A also records a financial impact of ₹3.06 Lakhs as of the filing date, reflecting the fine and related costs.

3. Current status and next steps

• Resolution Professional: Ms. Mano Ranjani (IBBI/IPA‑001/IP‑P00736/2017‑2018/11235) is acting on behalf of the company under the CIRP order dated 15 May 2026.
• Appeal for waiver: The company intends to file a waiver request with the exchanges, arguing that the delay was caused by extraordinary CIRP circumstances beyond its control.
• Board involvement: The matter will be placed before the Board of Directors at the next meeting, and the Board’s comments will be communicated to the exchanges as required by the SEBI Master Circular.
• Compliance deadline: The exchanges have asked for payment of the fine (including GST) within 15 days of the notice, failing which further penalties (e.g., freezing of promoters’ demat holdings, “Trade‑for‑Trade” trading) may be imposed.

4. Communication to exchanges

• The company has already sent explanations to NSE (21 August 2026) and MSE (2 September 2026).
• All relevant documents (notices, communications, and disclosures) have been uploaded on the company website (www.indiapower.com) and are attached as annexures in the filing.

Investor Take‑aways

• Regulatory risk: The fine is modest relative to the company’s overall balance sheet, but continued non‑compliance could trigger more severe sanctions, including freezing of promoter shareholdings.
• CIRP context: DPSC Limited is under a court‑ordered insolvency process; the board’s powers are suspended, and financial reporting is being handled by the Resolution Professional. This explains the delay but also adds uncertainty to the timeline for normal operations to resume.
• Potential upside: If the waiver request is approved, the fine may be reduced or waived, limiting the financial impact. Conversely, a refusal could increase daily penalties until compliance is achieved.
• Monitoring: Investors should watch for:
  1. Waiver filing and outcome (usually communicated via exchange portals).
  2. Submission of the pending quarterly results (once the CIRP review is completed).
  3. Any further notices or actions from NSE/MSE regarding promoter shareholding restrictions.

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This article is based solely on the information disclosed in the corporate announcement dated 12 September 2026. No external data or assumptions have been introduced.