Section 23GA. Penalty for failure to conduct business in accordance with rules, etc

9[ 23GA. Penalty for failure to conduct business in accordance with rules, etc .—Where a stock exchange or a clearing corporation fails to conduct its business with its members or any issuer or its agent or any person associated with the securities markets in accordance with the rules or regulations made by the Securities and Exchange Board of India and the directions issued by it under this Act, the stock exchange or the clearing corporations, as the case may be, shall be liable to penalty which shall not be less than five crore rupees but which may extend to twenty-five crore rupees or three times the amount of gains made out of such failure, whichever is higher.] 1. Subs. by Act 27 of 2014, s. 26, 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). 2. 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). 3. Subs. by s. 28, ibid ., for "liable to a penalty not exceeding one crore rupees" (w.e.f. 8-9-2014). 4. Ins. by Act 13 of 2018, s. 150 (w.e.f. 8-3-2019). 5. Subs. by Act 27 of 2014, s. 29, for "liable to a penalty not exceeding twenty-five crore rupees" (w.e.f. 8-9-2014). 6. Subs. by s. 30, ibid ., for "liable to a penalty not exceeding twenty-five crore rupees" (w.e.f. 8-9-2014). 7. Ins. by Act 13 of 2018, s. 151 (w.e.f. 8-3-2019). 8. Subs. by Act 27 of 2014, s. 31, for "liable to a penalty not exceeding twenty-five crore rupees" (w.e.f. 8-9-2014). 9. Ins. by Act 13 of 2018, s. 152 (w.e.f. 8-3-2019).