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<h1>Finance Act 2018: Sections 15EA & 15EB impose hefty fines on non-compliant investment entities and advisers.</h1> Sections 15EA and 15EB, inserted into the Securities and Exchange Board of India Act, 1992 by the Finance Act, 2018, establish penalties for non-compliance by alternative investment funds, infrastructure investment trusts, real estate investment trusts, investment advisers, and research analysts. Section 15EA specifies penalties for failing to adhere to Board regulations or directions, with fines ranging from one lakh rupees to one crore rupees or three times the gains from such failures. Section 15EB imposes similar penalties on investment advisers and research analysts, with fines also ranging from one lakh rupees to a maximum of one crore rupees.