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of <h1>Stock Exchanges Face Penalties Under Section 23G for Non-compliance with SEBI Rules and Reporting Requirements.</h1> Under Section 23G of the Securities Contracts (Regulation) Act, 1956, a recognized stock exchange is subject to penalties if it fails to submit periodic returns, provides false or incomplete returns to the Securities and Exchange Board of India (SEBI), neglects to amend its rules or bye-laws as directed by SEBI, or fails to comply with SEBI's directions. The penalty ranges 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, 2004, and further modified in 2014 and 2018.
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