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of <h1>Non-compliance with SEBI Ombudsman Award can lead to penalties under Sec 15C, including suspension or market access prohibition.</h1> Under Regulation 22 of the Securities and Exchange Board of India (Ombudsman) Regulations, 2003, a directed party must implement an award within one month of receipt or within the specified period. Failure to comply without reasonable cause results in penalties under section 15C of the Act. Consequences include actions under section 11(4), suspension or delisting of securities, market access prohibition, dealing restrictions, registration suspension or cancellation, or other appropriate actions. No order is issued without following the relevant procedural rules or regulations.
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