Section 15EA in The Securities and Exchange Board of India Act, 1992

Title: Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts

Description: 1[15EA. Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts.-- Where any person fails to comply with the regulations made by the Board in respect of alternative investment funds, infrastructure investment trusts and real estate investment trusts or fails to comply with the directions issued by the Board, such person shall be liable to penalty 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 or three times the amount of gains made out of such failure, whichever is higher.] 1. Ins. by Act 13 of 2018, s. 182 (w.e.f. 8-3-2019).

Title: Penalty for default in case of investment adviser and research analyst

Description: 1[2[15EB. Penalty for default in case of investment adviser and research analyst.--Where an investment adviser or a research analyst fails to comply with the regulations made by the Board or directions issued by the Board, such investment adviser or research analyst shall be liable to penalty 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.]] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). Br 2. Ins. by Act 13 of 2018, s. 182 (w.e.f. 8-3-2019).

Title: Penalty for default in case of stock brokers

Description: 1[15F. Penalty for default in case of stock brokers---- If any person, who is registered as a stock broker under this Act,--- (a) fails to issue contract notes in the form and manner specified by the stock exchange of which such broker is a member, he shall be liable to 2[a penalty which shall not be less than one lakh rupees but which may extend to 3[one crore rupees]] for which the contract note was required to be issued by that broker; (b) fails to deliver any security or fails to make payment of the amount due to the investor in the manner within the period specified in the regulations, he shall be liable to 4[a penalty 5[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which 6[such failure continues] subject to a maximum of one crore rupees]]; (c) charges an amount of brokerage which is in excess of the brokerage specified in the regulations, he shall be liable to 7[a penalty 8[[which shall not be less than one lakh rupees but which may extend to five times the amount of brokerage]] charged in excess of the specified brokerage, whichever is higher.] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). Br 2. Subs. by Act 27 of 2014, s. 11, for "a penalty not exceeding five times the amount" (w.e.f.8-9-2014). 3. Ins. by Act 23 of 2019, s. 184 (w.e.f. 20-1-2020). 4. Subs. by Act 59 of 2002, s. 14, for "a penalty not exceeding five thousand rupees for each day during which such failure continues" (w.e.f. 29-10-2002). 5. Subs. by Act 27 of 2014, s. 11, for certain words (w.e.f.8-9-2014). 6. Subs. by Act 13 of 2018, s. 183, for "he sponsors or carries on any such collective investment scheme including mutual fund" (w.e.f. 8-3-2019).. 7. Subs. by Act 59 of 2002, s. 14, for "a penalty not exceeding five thousand rupees" (w.e.f. 29-10-2002). 8. Subs. by Act 27 of 2014, s. 11, for "of one lakh rupees or five times the amount of brokerage" (w.e.f.8-9-2014).

Title: Penalty for insider trading

Description: 1[15G. Penalty for insider trading.-- If any insider who, (i) either on his own behalf or on behalf of any other person, deals in securities of a body corporate listed on any stock exchange on the basis of any unpublished price sensitive information; or (ii) communicates any unpublished price sensitive information to any person, with or without his request for such information except as required in the ordinary course of business or under any law; or (iii) counsels, or procures for any other person to deal in any securities of any body corporate on the basis of unpublished price sensitive information, shall be liable to a penalty 2[which shall not be less than ten lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of insider trading, whichever is higher].] 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). Br 2. Subs. by Act 27 of 2014, s.12, for certain words (w.e.f.8-2-2014).

Title: Penalty for non-disclosure of acquisition of shares and takeovers

Description: 1[15H. Penalty for non-disclosure of acquisition of shares and takeovers.-- If any person, who is required under this Act or any rules or regulations made thereunder, fails to (i) disclose the aggregate of his share holding in the body corporate before he acquires any shares of that body corporate; or (ii) make a public announcement to acquire shares at a minimum price; 2[(iii) make a public offer by sending letter of offer to the shareholders of the concerned company; or (iv) make payment of consideration to the shareholders who sold their shares pursuant to letter of offer], he shall be liable to a penalty 3[which shall not be less than ten lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of such failure, whichever is higher]. 1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). Br 2. Ins. by Act 59 of 2002, s. 16 (w.e.f. 29-10-2002). 3. Subs. by Act 27 of 2014, s.13, for certain words (w.e.f.8-2-2014)br

CHAPTER 6A PENALTIES AND ADJUDICATION