Section - 15C - Penalty for failure to redress investors’ grievances
[Penalty for failure to redress investors- grievances15C. If any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing [including by any means of electronic communication], to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary shall be liable to a penalty [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]];
6. Substituted by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002.Prior to its substitution, section 15C read as under :"15C. Penalty for failure to redress investors' grievances.-If any person, who is registered as an intermediary, after having been called upon by the Board in writing to redress the grievances of investors, fails to redress such grievances, he shall be liable to a penalty not exceeding ten thousand rupees for each such failure."
7. Inserted by Finance (No. 2) Act, 2019, w.e.f. 20-1-2020.
8. Substituted for "of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less" by the Securities Laws (Amendment) Act, 2014, w.e.f. 8-9-2014.
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