Subject to the provisions of section 10, any person who,--
         (a) not being a member of the Institute,--
             (i) represents that he is a member of the Institute in any of the manners mentioned in section 7; or
             (ii) uses the designation "Actuary"; or
             (iii) uses the letters "AIAI" or "FIAI" after his name; or
             (iv) practises the profession of an Actuary; or
         (b) being a member of the Institute, but not having a certificate of practice, represents that he is in practice, or practises as an Actuary,
shall be punishable on first conviction with fine which may extend to one lakh rupees, and on any subsequent conviction with imprisonment which may extend to one year, or with fine which may extend to two lakh rupees, or with both.