Penalty for mutual fund defaults: per day statutory fines apply for registration, disclosure and investment failures. Section 15D prescribes a statutory penalty framework for specified defaults by persons sponsoring or operating collective investment schemes, including mutual funds. Separate operative defaults are enumerated: unregistered sponsorship; non compliance with registration terms; failure to apply for listing; failure to despatch unit certificates; failure to refund application monies within the prescribed period; and failure to invest collected monies as required. Each default attracts per day monetary penalties for the duration of the default, subject to the statutory ceiling set by amendment.