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of <h1>Penalties Imposed for Mutual Fund and Investment Scheme Defaults Under Section 15D of SEBI Act, 1992</h1> Section 15D of the Securities and Exchange Board of India Act, 1992, outlines penalties for certain defaults related to mutual funds and collective investment schemes. Individuals or entities must obtain a certificate of registration from the Board to sponsor or operate such schemes. Failure to do so, or non-compliance with registration terms, listing requirements, dispatching unit certificates, refunding application monies, or investing collected funds as per regulations, incurs a penalty ranging from a minimum of one lakh rupees to a maximum of one crore rupees, depending on the duration and nature of the default.
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