1[23H. Penalty for contravention where no separate penalty has been provided.--Whoever fails to
comply with any provision of this Act, the rules or articles or bye-laws or the regulations of the
recognised stock exchange or directions issued by the Securities and Exchange Board of India for which
no separate penalty has been provided, shall be 2[liable to a penalty which shall not be less than one lakh
rupees but which may extend to one crore rupees].
1. Ins. by Act 1 of 2005, s. 11 (w.e.f. 12-10-2004).
2. Subs. by Act 27 of 2014, s. 32, for “liable to a penalty not exceeding twenty-five crore rupess” (w.e.f. 8-9-2014).