Section 23M - Offences - Securities Contracts (Regulation) Act, 1956

1 [Offences. 23M. (1) Without prejudice to any award of penalty by the adjudicating officer 2 [ or the Securities and Exchange Board of India ] 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, for which no punishment is provided elsewhere in this Act, 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 adjudicating officer 2 [ or the Securities and Exchange Board of India ] or fails to comply with 3 [ the direction or order ] , 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 Inserted by the Securities Laws (Amendment) Act, 2004, Sec 11, w.e.f.. 12-10-2004. 2. Inserted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 3. Substituted vide FINANCE ACT, 2018 w.e.f. 08-03-2019 before it was read as any of his directions or orders