If a depository or participant or any issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), and is required under this Act or any rules or regulations, made thereunder, to enter into an agreement, fails to enter into such agreement, such depository or participant or issuer or its agent 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] for every such failure.
Section 19B: Penalty for failure to enter into an agreement.
The Depositories Act, 1996Central Act · Act 22 of 1996
Where this provision sits
| Act | The Depositories Act, 1996 |
|---|---|
| Section | 19B |
| Marginal note | Penalty for failure to enter into an agreement. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- substituted. . Subs. by s. 43, ibid., for certain words (w.e.f. 8-9-2014).
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