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of <h1>Corporate officers face liability under Section 27 for securities violations unless they prove lack of knowledge or due diligence</h1> Section 27 of the Securities and Exchange Board of India Act, 1992 establishes corporate liability for contraventions. When a company violates the Act or its rules, regulations, directions, or orders, both the company and persons in charge of business conduct are deemed guilty and liable for punishment. However, individuals can avoid liability by proving the contravention occurred without their knowledge or that they exercised due diligence to prevent it. Directors, managers, secretaries, or officers who consent to, connive in, or neglect their duties regarding contraventions are also deemed guilty and liable for proceedings and punishment.
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