Penalty for delay in dematerialisation exposes issuers and intermediaries to significant monetary sanctions for failing prompt certificate reissue. Section 19D imposes a statutory penalty on issuers, their agents and registered intermediaries who fail to dematerialise securities or to issue certificates when investors opt out of a depository, or who abet delay, where the failure continues beyond the time prescribed by the Act, regulations or bye laws; the penalty accrues per day subject to an overall statutory cap.