Minimum Penalty Introduced in Section 23D: amendment establishes a lower bound on penalties for securities contract violations. The amendment replaces the previous ceiling-only penalty wording with language establishing that the penalty shall not be less than one lakh rupees but ... Summary
Minimum Penalty Introduced in Section 23D: amendment establishes a lower bound on penalties for securities contract violations.
The amendment replaces the previous ceiling-only penalty wording with language establishing that the penalty shall not be less than one lakh rupees but may extend to one crore rupees, thereby creating a mandatory minimum and retaining a maximum for contraventions under the provision.
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