Section 23A
Penalty for failure to furnish information, return, etc.
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.
1[23A. Penalty for failure to furnish information, return, etc.--Any person, who is required under
this Act or any rules made thereunder,--
(a) to furnish any information, document, books, returns or 2[report to a recognised stock exchange or to the Board, fails to furnish the same within the time specified therefor in the listing agreement or conditions or bye-laws of the recognised stock exchange or the Act or rules made thereunder, or who furnishes] 3[false, incorrect or incomplete information, document, books, return or report], shall be liable to a penalty 4[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each during which such failure continues subject to a maximum of one crore rupees], whichever is less for each such failure;
(b) to maintain books of account or records, as per the listing agreement or conditions, or bye-laws of a recognised stock exchange, fails to maintain the same, 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].]
(a) to furnish any information, document, books, returns or 2[report to a recognised stock exchange or to the Board, fails to furnish the same within the time specified therefor in the listing agreement or conditions or bye-laws of the recognised stock exchange or the Act or rules made thereunder, or who furnishes] 3[false, incorrect or incomplete information, document, books, return or report], shall be liable to a penalty 4[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each during which such failure continues subject to a maximum of one crore rupees], whichever is less for each such failure;
(b) to maintain books of account or records, as per the listing agreement or conditions, or bye-laws of a recognised stock exchange, fails to maintain the same, 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. Ins. by Act 1 of 2005, s. 11 (w.e.f. 12-10-2004).
2. Subs. by Act 23 of 2019, s. 146, for certain words (w.e.f. 20-1-2020).
3. Ins. by Act 13 of 2018, s. 149 (w.e.f. 8-3-2019).
4. Subs. by Act 27 of 2014, s. 25, 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).
2. Subs. by Act 23 of 2019, s. 146, for certain words (w.e.f. 20-1-2020).
3. Ins. by Act 13 of 2018, s. 149 (w.e.f. 8-3-2019).
4. Subs. by Act 27 of 2014, s. 25, 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).