Section 23C
Penalty for failure to redress Investors grievances.
The Securities Contracts (Regulation) Act, 1956
About this Act
An Act to prevent undesirable transactions in securities by regulating the business of dealing therein, by providing for certain other matters connected therewith.
If any stock broker or sub-broker or a
company whose securities are listed or proposed to be listed in a recognised stock exchange, after having
been called upon by the Securities and Exchange Board of India or a recognised stock exchange in
writing, to redress the grievances of the investors, fails to redress such grievances within the time
stipulated by the Securities and Exchange Board of India or a recognised stock exchange, he or it shall be
liable to a penalty 1[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 s. 27, ibid., for "of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is
less" (w.e.f. 8-9-2014).