Punjab National Bank Fined by BSE, Know Why
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Bombay Stock Exchange (BSE) has imposed a fine on Punjab National Bank (PNB). The Bank has disclosed that the Bombay Stock Exchange (BSE) has imposed a penalty of ₹3.35 lakh (plus applicable GST) on the bank for failing to close certain cybersecurity vulnerabilities identified during a routine review for the financial year 2024–25.
The penalty is related to the non-closure of Vulnerability Assessment and Penetration Testing (VAPT) issues, which are part of mandatory cybersecurity checks conducted under a directive from the Securities and Exchange Board of India (SEBI). According to the bank’s official filing, the violation pertains to SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/24, dated February 6, 2023, and an Exchange notice dated September 16, 2024.
The bank received the formal communication about the penalty from BSE on May 27, 2025, and promptly notified the stock exchanges (BSE and NSE) as per regulatory requirements under SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
| Particulars | Details |
|---|---|
| Name of the Authority | BSE Ltd. |
| Nature and details of the action(s) taken or order(s) passed | Imposition of penalty of ₹3,35,000/- (plus applicable GST) |
| Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority | 27th May, 2025 |
| Details of the violation(s)/contravention(s) committed or alleged to be committed | Non-closure of Vulnerability Assessment and Penetration Testing (VAPT) vulnerabilities for Financial Year 2024–25 pursuant to SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/24 dated 06.02.2023 and Exchange Notice No. 20240916-2 dated 16.09.2024 |
| Impact on financial, operational or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Only to the extent of the amount of penalty. |
In its statement, Punjab National Bank clarified that the impact of the penalty is limited only to the monetary amount imposed and does not affect the bank’s operations or financial stability. The bank further mentioned that it is considering filing an appeal with BSE to seek a waiver of the penalty within the permitted time frame.
The disclosure was signed by Mr. Bikramjit Shom, Company Secretary of PNB, and was submitted by the bank’s Head Office Share Department in Dwarka, New Delhi.
This action underscores the growing regulatory focus on cybersecurity and compliance within India’s financial sector. Both SEBI and stock exchanges have tightened oversight to ensure that listed companies, especially those in the financial sector, maintain strong IT and data security systems to safeguard customer and market data.
