Penalty for non compliance with SEBI regulations: daily fines apply to funds, trustees, advisers and research analysts. Insertion of sections 15EA and 15EB creates statutory monetary penalties for failure to comply with Board regulations or directions. Section 15EA applies to alternative investment funds, infrastructure investment trusts and real estate investment trusts, imposing daily penalties that accumulate until rectification and are capped by a fixed maximum or by a multiple of gains from the failure. Section 15EB applies similarly to investment advisers and research analysts, subjecting them to daily penalties with a prescribed upper limit.