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Section 19C – The Depositories Act, 1996

The Depositories Act, 1996

 

 

19C. Penalty for failure to redress Investors’ grievances

 

1[19C. Penalty for failure to redress Investors’ grievances.—If any 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), after having been called upon by the Board in writing, to redress the grievances of the investors, fails to redress such grievances within the time specified by the Board, 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.]

 

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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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