1[Any person, who is required under this Act or any rules made thereunder,—
(a) to furnish any information, document, books, returns or 2[report to a recognised stock exchange or to the Board, fails to furnish the same within the time specified therefor in the listing agreement or conditions or bye-laws of the recognised stock exchange or the Act or rules made thereunder, or who furnishes] 3[false, incorrect or incomplete information, document, books, return or report], shall be liable to a penalty 4[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each during which such failure continues subject to a maximum of one crore rupees], whichever is less for each such failure;
(b) to maintain books of account or records, as per the listing agreement or conditions, or bye-laws of a recognised stock exchange, fails to maintain the same, shall be liable to a penalty 4[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].
Footnotes in the official text
- 1.Ins. by Act 1 of 2005, s. 11 (w.e.f. 12-10-2004).
- 2.Subs. by Act 23 of 2019, s. 146, for certain words (w.e.f. 20-1-2020).
- 3.Ins. by Act 13 of 2018, s. 149 (w.e.f. 8-3-2019).
- 4.Subs. by Act 27 of 2014, s. 25, for “of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less” (w.e.f. 8-9-2014).