Minimum penalty provision introduced under securities law, converting prior caps into prescribed minimums and adjusting daily and brokerage penalties. Amendment to section 15F imposes statutory minimum penalties and recalibrates daily and brokerage-linked sanctions: clause (a) inserts a penalty provision 'which shall not be less than one lakh rupees but which may extend to' the prior upper measure; clause (b) requires a minimum penalty 'which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day' of prohibited collective investment scheme activity, subject to a maximum of one crore rupees; clause (c) mandates a minimum penalty 'which shall not be less than one lakh rupees but which may extend to five times the amount of brokerage.'
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.
Minimum penalty provision introduced under securities law, converting prior caps into prescribed minimums and adjusting daily and brokerage penalties.
Amendment to section 15F imposes statutory minimum penalties and recalibrates daily and brokerage-linked sanctions: clause (a) inserts a penalty provision "which shall not be less than one lakh rupees but which may extend to" the prior upper measure; clause (b) requires a minimum penalty "which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day" of prohibited collective investment scheme activity, subject to a maximum of one crore rupees; clause (c) mandates a minimum penalty "which shall not be less than one lakh rupees but which may extend to five times the amount of brokerage."
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