CourtMesh

Section 15D: Penalty for certain defaults in case of mutual funds.

The Securities and Exchange Board of India Act, 1992Central Act · Act 15 of 1992

[15D. Penalty for certain defaults in case of mutual funds---- If any person, who is---

(a) required under this Act or any rules or regulations made thereunder to obtain a certificate of registration from the Board for sponsoring or carrying on any collective investment scheme, including mutual funds, sponsors or carries on any collective investment scheme, including mutual funds, without obtaining such certificate of registration, he 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 he sponsors or carries on any such collective investment scheme including mutual funds subject to a maximum of one crore rupees;]]

(b) registered with the Board as a collective investment scheme, including mutual funds, for sponsoring or carrying on any investment scheme, fails to comply with the terms and conditions of certificate of registration, he 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;]]

(c) registered with the Board as a collective investment scheme including mutual funds, fails to make an application for listing of its schemes as provided for in the regulations governing such listing, he 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;]]

(d) registered as a collective investment scheme, including mutual funds, fails to despatch unit certificates of any scheme in the manner provided in the regulation governing such despatch, he 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;]]

(e) registered as collective investment scheme, including mutual funds, fails to refund the application monies paid by the investors within the period specified in the regulations, he 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;]]

(f) registered as a collective investment scheme, including mutual funds, fails to invest money collected by such collective investment schemes in the manner or within the period specified in the regulations, he 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.]]

Where this provision sits

ActThe Securities and Exchange Board of India Act, 1992
Section15D
Marginal notePenalty for certain defaults in case of mutual funds.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it2

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.

  • inserted, Act 9 of 1995. . Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). br
  • substituted, Act 59 of 2002. . Subs. by Act 59 of 2002, s. 12, for "a penalty not exceeding ten thousand rupees for each day during which he carries on any such collective investment scheme including mutual funds, or ten lakh rupees, whichever is higher" (w.e.f. 29-10-2002).
  • substituted, Act 27 of 2014. . Subs. by Act 27 of 2014, s. 9, for certain words (w.e.f. 8-9-2014).
  • substituted, Act 59 of 2002. . Subs. by Act 59 of 2002, s. 12, for "a penalty not exceeding ten thousand rupees for each day during which such failure continues or ten lakh rupees, whichever is higher" (w.e.f. 29-10-2002).
  • substituted, Act 27 of 2014. . Subs. by Act 27 of 2014, s. 9, for certain words (w.e.f.8-9-2014).
  • substituted. . Subs. by s. 12, ibid., for "a penalty not exceeding five thousand rupees for each day during which such failure continues" (w.e.f. 29-10-2002).
  • substituted, Act 27 of 2014. . Subs. by Act 27 of 2014, s. 9, for certain words (w.e.f.8-9-2014).
  • substituted, Act 59 of 2002. . Subs. by Act 59 of 2002, s. 12, for a penalty not exceeding five thousand rupees for each day during which such failure Continues (w.e.f. 29-10-2002).
  • substituted. . Subs. by s. 12, ibid., for a penalty not exceeding one thousand rupees for each day during which such failure continue (w.e.f. 29-10-2002).

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Securities and Exchange Board of India Act, 1992 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.