Section 15C - Penalty for failure to redress investors’ grievances - Securities and Exchange Board of India Act, 1992

1 [Penalty for failure to redress investors grievances. 15C. If any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing 3 [ including by any means of electronic communication ] , to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary 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 Substituted for If any person, who is registered as an intermediary, after having been called upon by the Board in writing to redress the grievances of investors, fails to redress such grievances, he shall be liable to a penalty not exceeding ten thousand rupees for each such failure , by the SEBI (Amendment) Act , 2002, w.e.f. 29-10-2002. 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. 3. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-08-2019