[15E. Penalty for failure to observe rules and regulations by an asset management company.-- Where any asset management company of a mutual fund registered under this Act fails to comply with any of the regulations providing for restrictions on the activities of the asset management companies, such asset management company 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.]]]
Section 15E: Penalty for failure to observe rules and regulations by an asset management company.
The Securities and Exchange Board of India Act, 1992Central Act · Act 15 of 1992
Where this provision sits
| Act | The Securities and Exchange Board of India Act, 1992 |
|---|---|
| Section | 15E |
| Marginal note | Penalty for failure to observe rules and regulations by an asset management company. |
| Jurisdiction | Central |
| Status | In force as published by the source |
| Judgments citing it | 3 |
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. . Subs. by s. 13, ibid., for "a penalty not exceeding five lakh rupees for each such failure" (w.e.f. 29-10-2002).
- substituted, Act 27 of 2014. . Subs. by Act 27 of 2014, s. 10, for certain words (w.e.f.8-9-2014).
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