Section 11 - Amendment of section 15F - Securities Laws (Amendment) Act, 2014

Amendment of section 15F. 11. In section 15F of the principal Act,- (i) in clause (a), for the words a penalty not exceeding five times the amount , the words, a penalty which shall not be less than one lakh rupees but which may extend to shall be substituted; (ii) in clause (b), 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 he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees shall be substituted; (iii) in clause (c), for the words of one lakh rupees or five times the amount of brokerage , the words which shall not be less than one lakh rupees but which may extend to five times the amount of brokerage shall be substituted.