Section 19F - Penalty for failure to comply with directions issued by Board under section 19 of the Act. - Depositories Act, 1996

1 [Penalty for failure to comply with directions issued by Board under section 19 of the Act . 19F. If any person fails to comply with the directions issued by the Board under section 19 , within the time specified by it, he shall be liable to a penalty 2 [ 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 Inserted by the Securities Laws (Amendment) Act, 2004, Sec. 17, w.e.f. 12-10-2004. 2 Substituted for the words of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less by the Securities Laws(Amendment) Act, 2014, w.e.f. 08-09-2014.