Failure to redress investor grievances triggers statutory penalties escalating per day, subject to an overall prescribed cap. Section 23C requires stock brokers, sub brokers and listed or proposed-to-be-listed companies to redress investor grievances upon written direction from SEBI or a recognised stock exchange; failure to do so within the stipulated time attracts a statutory penalty comprising a minimum sanction and an escalating per day liability for the duration of non compliance, subject to an overall maximum, with legislative amendments having altered the precise wording of minimum, per day and cap provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Failure to redress investor grievances triggers statutory penalties escalating per day, subject to an overall prescribed cap.
Section 23C requires stock brokers, sub brokers and listed or proposed-to-be-listed companies to redress investor grievances upon written direction from SEBI or a recognised stock exchange; failure to do so within the stipulated time attracts a statutory penalty comprising a minimum sanction and an escalating per day liability for the duration of non compliance, subject to an overall maximum, with legislative amendments having altered the precise wording of minimum, per day and cap provisions.
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