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Section 19B – The Depositories Act, 1996

The Depositories Act, 1996



19B. Penalty for failure to enter into an agreement..


1[19B. Penalty for failure to enter into an agreement.—If a depository or participant or any issuer or its agent or any person, who is registered as an intermediary under the provisions of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), and is required under this Act or any rules or regulations made thereunder, to enter into an agreement, fails to enter into such agreement, such depository or participant or issuer or its agent or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less for every such failure.]



1. Ins. by Act 1 of 2005, sec. 17 (w.r.e.f. 12-10-2004).



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The Depositories Act, 1996


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