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<h1>Penalty for default in regulated funds: noncompliance attracts daily fines up to a statutory cap or multiple of gains.</h1> Where a person fails to comply with Board regulations or directions in respect of alternative investment funds, infrastructure investment trusts and real estate investment trusts, the person shall be liable to a penalty not less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees or three times the amount of gains made out of such failure, whichever is higher.