Section 23C - Penalty for failure to redress investors’ grievances - Securities Contracts (Regulation) Act, 1956

1 [Penalty for failure to redress investors grievances. 23C. If any stock broker or sub-broker or a company whose securities are listed or proposed to be listed in a recognised stock exchange, after having been called upon by the Securities and Exchange Board of India or a recognised stock exchange in writing, to redress the grievances of the investors, fails to redress such grievances within the time stipulated by the Securities and Exchange Board of India or a recognised stock exchange, he or it 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, 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.