Section 20 - Offences - Depositories Act, 1996

CHAPTER V 2 [MISCELLANEOUS] 1 [Offences. 20. (1) Without prejudice to any award of penalty by the adjudicating officer 3 [ or the Board ] under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations or bye-laws made thereunder, he shall be punishable with imprisonment for a term which may extend to ten years, or with fine, which may extend to twenty-five crore rupees, or with both. (2) If any person fails to pay the penalty imposed by the 4 [ adjudicating officer or the Board or fails to comply with any ] directions or orders, he shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to ten years, or with fine, which may extend to twenty-five crore rupees, or with both .] ************ 1 Substituted by the Securities Laws (Amendment) Act, 2004, Sec. 18, w.r.e.f. 12-10-2004. Prior to its substitution, section 20 read as under:- 20. Offences.- Whoever contranvenes or attempts to contravene or abets the contravention of the provisions of this Act or any regulations or bye-laws made thereunder shall be punishable with imprisonment for a term which may extend to five years, or with fine or with both. 2. Substituted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as PENALTY 3. Inserted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 4. Substituted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as adjudicating officer or fails to comply with any of his