Section 15A - Penalty for failure to furnish information, return, etc - Securities and Exchange Board of India Act, 1992

1 [CHAPTER VIA PENALTIES AND ADJUDICATION Penalty for failure to furnish information, return, etc. 15A. If any person, who is required under this Act or any rules or regulations made thereunder,- (a) to furnish any document, return or report to the Board, fails to furnish the same 8 [ or who furnishes or files false, incorrect or incomplete information, return, report, books or other documents ] , he 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]]; (b) to file any return or furnish any information, books or other documents within the time specified therefor in the regulations, fails to file return or furnish the same within the time specified therefor in the regulations 9 [ or who furnishes or files false, incorrect or incomplete information, return, report, books or other documents ] , 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 such failure continues subject to a maximum of one crore rupees]]; (c) to maintain books of account or records, fails to maintain the same, he shall be liable to 6 [a penalty 7 [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 Chapters VI A and VI B containing sections 15A to 15J and 15K to 15Z respectively, inserted by Securities Laws (Amendment) Act, 1995 w.e.f. 25-1-1995. 2 Substituted for a penalty not exceeding one lakh and fifty thousand rupees for each such failure by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002. 3 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. 4 Substituted for a penalty not exceeding five thousand rupees for every day during which such failure continues , by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002. 5 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. 6 Substituted for a penalty not exceeding ten thousand rupees for every day during which the failure continues , by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002. 7 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. 8. Inserted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 9. Inserted vide FINANCE ACT, 2018 w.e.f. 08-03-2019