Section 19C:
Penalty for failure to redress investors‟ grievances.
If any depository or participant or any
issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12
of the Securities and Exchange Board of India Act, 1992 (15 of 1992), after having been called upon by
the Board in writing, to redress the grievances of the investors, fails to redress such grievances within the
time specified by the Board, such depository or participant or issuer or its agents or intermediary 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. 44, ibid., for certain words (w.e.f. 8-9-2014).