Penalty for non-compliance by exchanges: entity-level monetary sanctions tied to regulatory rule breaches and gains disgorgement. A new statutory penalty provision subjects stock exchanges and clearing corporations to liability where they fail to conduct business with members, issuers, agents or persons associated with the securities markets in a manner inconsistent with SEBI's rules, regulations or directions, imposing a monetary sanction determined by a prescribed ceiling or a multiple of gains from the failure, whichever is higher.