If any stock broker or sub-broker or a
company whose securities are listed or proposed to be listed in a recognised stock exchange, after having
been called upon by the Securities and Exchange Board of India or a recognised stock exchange in
writing, to redress the grievances of the investors, fails to redress such grievances within the time
stipulated by the Securities and Exchange Board of India or a recognised stock exchange, he or it shall be
liable to a penalty 1[which shall not be 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].]
1. Subs. by s. 27, ibid., for "of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less" (w.e.f. 8-9-2014).