Listed companies that have not appointed a woman director face a fine of ₹50,000. If they do not comply by June 30, an additional fine at the rate of ₹1,000 a day will be imposed till a woman director is appointed.

After September 30, the fine will go up to ₹1.42 lakh plus ₹5,000/day till the date of compliance. SEBI issued a circular to this effect on Wednesday. The deadline for appointing at least one woman director expired on March 31.

According to Pranav Haldea, Managing Director, PRIME Database, 180 out of a total relevant 1,456 NSE-listed companies or nearly 12 per cent of the companies, had not appointed a woman director as on April 6.