Section 9 - Amendment of section 15D - Securities Laws (Amendment) Act, 2014

Amendment of section 15D. 9. In section 15D of the principal Act,- (i) in clause (a), for the words of one lakh rupees for each day during which he sponsors or carries on any collective investment scheme including mutual funds, or one crore rupees, whichever is less , the words which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees shall be substituted; (ii) in clauses (b), (c), (d), (e) and (f), for the words of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less , the words 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 shall be substituted.