India, Aug. 27 -- Stock exchanges BSE and NSE together imposed penalties totalling Rs 59.14 lakh on public sector power companies NTPC, REC and SJVN for breach of norms. NTPC, in a regulatory filing, said the company has received notices from BSE and NSE, with each imposing a penalty of Rs 5,36,900 (inclusive of GST) on account of non-compliance with Regulation 17(1) of the listing regulations.

In its reply to the exchanges, NTPC said it is a government company and "as per the Articles of Association of the Company, the power to appoint or remove directors vests with the President of India through its administrative ministry, i.e., the Ministry of Power.

BSE and NSE have, thus, been requested not to levy the fines imposed, the power gia...