TaxTMI 
TaxTMI 
Penalty for certain defaults in case of mutual funds
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....n any collective investment scheme, including mutual funds, sponsors or carries on any collective investment scheme, including mutual funds, without obtaining such certificate of registration, he shall be liable to 1[a penalty 2[which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which he sponsors or carries on any such collective investment sch....
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....h may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees]]; (d) registered as a collective investment scheme, including mutual funds, fails to despatch unit certificates of any scheme in the manner provided in the regulation governing such despatch, he shall be liable to 7[a penalty 8[which shall not be less than one lakh rupees but....
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.... 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]]. ********** 1 Substituted for "a penalty not exceeding ten thousand rupees for each day during which he carries on any such collective investment scheme including mutual funds, or ten lakh rupees whichever is higher." By the SEBI (Amendment) Ac....
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....g which such failure continues or five lakh rupees, whichever is higher" by the SEBI (Amendment) Act , 2002, w.e.f. 29-10-2002. 6 Substituted for the words "of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less" by the Securities Laws (Amendment) Act, 2014, w.e.f. 08-09-2014. 7 Substituted for "a penalty not exceeding five thousand rupees for ....