Section 23F

Penalty for excess dematerialisation or delivery of unlisted securities.

The Securities Contracts (Regulation) Act, 1956

  • Act 42 of 1956
  • Ministry of Finance
  • Department of Economic Affairs
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.

All sections
    If any issuer dematerialises securities more than the issued securities of a company or delivers in the stock exchanges the securities which are not listed in the recognised stock exchange or delivers securities where no trading permission has been given by the recognised stock exchange, he shall be 1[liable to a penalty which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees].

Notes

1. Subs. by s. 30, ibid., for "liable to a penalty not exceeding twenty-five crore rupees" (w.e.f. 8-9-2014).
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