If a recognised stock exchange fails or
neglects to furnish periodical returns 1[or furnishes false, incorrect or incomplete periodical returns] to the
Securities and Exchange Board of India or fails or neglects to make or amend its rules or bye-laws as
directed by the Securities and Exchange Board of India or fails to comply with directions issued by the
Securities and Exchange Board of India, such recognised stock exchange shall be 2[liable to a penalty
which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees].
1. Ins. by Act 13 of 2019, s. 151 (w.e.f. 8-3-2019).
2. Subs. by Act 27 of 2014, s. 31, for "liable to a penalty not exceeding twenty-five crore rupees" (w.ef. 8-9-2014).