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of <h1>Amendment to Section 19 Depositories Act: Board Can Levy Penalties After Inquiry, New Sub-section (2) Added.</h1> Section 19 of the Depositories Act, 1996, is amended by the Finance Act, 2018. The existing section is renumbered as sub-section (1), and a new sub-section (2) is added. This new provision allows the Board to levy penalties under sections 19A to 19G, including 19FA, after conducting an inquiry in the prescribed manner. The Board must record reasons in writing for such actions, and this is done without affecting the provisions of sub-section (1) and section 19H.
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