Section 15E:
Penalty for failure to observe rules and regulations by an asset management company.
1[15E. Penalty for failure to observe rules and regulations by an asset management company.-- Where any asset management company of a mutual fund registered under this Act fails to comply with
any of the regulations providing for restrictions on the activities of the asset management companies, such
asset management company shall be liable to 2[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. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). br
2. Subs. by s. 13, ibid., for "a penalty not exceeding five lakh rupees for each such failure" (w.e.f. 29-10-2002).
3. Subs. by Act 27 of 2014, s. 10, for certain words (w.e.f.8-9-2014).