Offences.23M. (1) Without prejudice to any award of penalty by the adjudicating officer [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 [or the Securities and Exchange Board of India] or fails to comply with [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 Finance Act, 2018, w.e.f. 8-3-2019.
2. Inserted by the Finance Act, 2018, w.e.f. 8-3-2019.
3. Substituted for "any of his direction or orders" by the Finance Act, 2018, w.e.f. 8-3-2019.
.... To read the full section download the app from Google Play store
CAclubindia
