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of <h1>New Section 23GA Imposes Heavy Penalties on Non-Compliant Stock Exchanges Under Securities Contracts Act.</h1> Clause 149 of the Finance Bill, 2018, proposes the insertion of section 23GA into the Securities Contracts (Regulation) Act, 1956. This section mandates penalties for stock exchanges or clearing corporations that fail to conduct business in compliance with rules and regulations set by the Securities and Exchange Board of India. The penalties range from a minimum of five crore rupees to a maximum of twenty-five crore rupees or three times the gains from such non-compliance, whichever is higher.
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