Section 15C
Penalty for failure to redress investors‟ grievances.
The Securities and Exchange Board of India Act, 1992
About this Act
An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto.
1[15C. Penalty for failure to redress investors’ grievances.—If any listed company or any person
who is registered as an intermediary, after having been called upon by the Board in writing 2[including by
by any means of electronic communication], to redress the grievances of investors, fails to redress such
grievances within the time specified by the Board, such company or intermediary shall be liable to a
penalty 3[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each
day during which such failure continues subject to a maximum of one crore rupees].]
Notes
1. Subs. by Act 59 of 2002, s. 11, for section 15C (w.e.f. 29-10-2002).
2. Ins. by Act 23 of 2019, s. 183 (w.e.f. 20-1-2020).
3. Subs. by Act 27 of 2014, s. 8, for certain words (w.e.f. 8-9-2014).
2. Ins. by Act 23 of 2019, s. 183 (w.e.f. 20-1-2020).
3. Subs. by Act 27 of 2014, s. 8, for certain words (w.e.f. 8-9-2014).