Section 23F - Penalty for excess dematerialisation or delivery of unlisted securities. - Securities Contracts (Regulation) Act, 1956

1 [Penalty for excess dematerialisation or delivery of unlisted securities. 23F. If any issuer dematerialises securities more than the issued securities of a company or delivers in the stock exchanges the securities which are not listed in the recognised stock exchange or delivers securities where no trading permission has been given by the recognised stock exchange, he shall be 2 [ liable to a penalty which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees. ] *********** 1 Inserted by the Securities Laws (Amendment) Act, 2004, w.e.f.. 12-10-2004. 2 Substituted for the words liable to a penalty not exceeding twenty-five crore rupees by the Securities Laws (Amendment) Act, 2014, w.e.f 08-09-2014.