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<h1>Penalties for Non-Compliance in Listing/Delisting Under Section 23E: Fines from 5 Lakh to 25 Crore.</h1> Section 23E of the Securities Contracts (Regulation) Act, 1956, imposes penalties for non-compliance with listing or delisting conditions by companies, or entities managing collective investment schemes, mutual funds, real estate investment trusts, infrastructure investment trusts, or alternative investment funds. Violations result in penalties ranging from a minimum of five lakh rupees to a maximum of twenty-five crore rupees. This provision was amended by the Securities Laws (Amendment) Act in 2004 and 2014, and further updated by the Finance Act in 2018.