If any stock broker or sub-broker or a company whose securities are listed or proposed to be listed in a recognised stock exchange, after having been called upon by the Securities and Exchange Board of India or a recognised stock exchange in writing, to redress the grievances of the investors, fails to redress such grievances within the time stipulated by the Securities and Exchange Board of India or a recognised stock exchange, he or it 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 23C: Penalty for failure to redress Investors grievances.
The Securities Contracts (Regulation) Act, 1956Central Act · Act 42 of 1956
Where this provision sits
| Act | The Securities Contracts (Regulation) Act, 1956 |
|---|---|
| Section | 23C |
| Marginal note | Penalty for failure to redress Investors grievances. |
| 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. 27, ibid., for "of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less" (w.e.f. 8-9-2014).
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