If any issuer dematerialises securities more than the issued securities of a company or delivers in the stock exchanges the securities which are not listed in the recognised stock exchange or delivers securities where no trading permission has been given by the recognised stock exchange, he shall be [liable to a penalty which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees].
Section 23F: Penalty for excess dematerialisation or delivery of unlisted securities.
The Securities Contracts (Regulation) Act, 1956Central Act · Act 42 of 1956
Where this provision sits
| Act | The Securities Contracts (Regulation) Act, 1956 |
|---|---|
| Section | 23F |
| Marginal note | Penalty for excess dematerialisation or delivery of unlisted securities. |
| 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. 30, ibid., for "liable to a penalty not exceeding twenty-five crore rupees" (w.e.f. 8-9-2014).
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