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<h1>Penalty for excess dematerialisation: issuers face regulatory sanction for dematerialising or delivering unlisted or non-permitted securities.</h1> Section 23F establishes that an issuer who dematerialises securities beyond the company's issued securities, delivers securities on a stock exchange that are not listed, or delivers securities without trading permission from the recognised stock exchange shall be liable to a penalty not less than five lakh rupees and which may extend to twenty-five crore rupees.