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Section 19E – The Depositories Act, 1996

The Depositories Act, 1996

 

 

19E. Penalty for failure to reconcile records..

 

1[19E. Penalty for failure to reconcile records.—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), fails to reconcile the records of dematerialised securities with all the securities issued by the issuer as specified in the regulations, 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

 

Indian Laws – Bare Acts

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