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        SEBI

        Amend Article 29 of its Articles of Association so as to remove the maximum fine that can be imposed on an erring member and to provide for a fine depending on the nature and the gravity of the violation within a period of 60 days from the date of the order. - S.O. No.1232(E) - SEBI/LE/41871/2001 - SEBI

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        Removal of maximum fine cap: regulator ordered deletion of prescribed cap to allow fines based on violation gravity. Regulator directed deletion of the words 'not exceeding Rs. *25,000' from Article 29 after 'assistant' and before 'in any of the events following', removing the fixed monetary ceiling so that fines may be imposed depending on the nature and gravity of the violation; this direction followed the exchange's failure to amend Article 29 within the prescribed sixty-day period.
                        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.

                              Removal of maximum fine cap: regulator ordered deletion of prescribed cap to allow fines based on violation gravity.

                              Regulator directed deletion of the words "not exceeding Rs. *25,000" from Article 29 after "assistant" and before "in any of the events following", removing the fixed monetary ceiling so that fines may be imposed depending on the nature and gravity of the violation; this direction followed the exchange's failure to amend Article 29 within the prescribed sixty-day period.


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