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Section 18 – Securities Laws (Amendment) Act,2004

Securities Laws (Amendment) Act,2004

Section 18. Substitution of new section for Section 20

For Section 20 of the principal Act, the following section shall be substituted, namely:-

“20. Offences.-(1) Without prejudice to any award of penalty by the adjudicating officer under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations or bye-laws made there under, he shall be punishable with imprisonment for a term which may extend to ten years, or with fine, which may extend to twenty-five crore rupees, or with both.

(2) If any person fails to pay the penalty imposed by the adjudicating officer or fails to comply with any of his directions or orders, he shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to ten years, or with fine, which may extend to twenty-five crore rupees, or with both.”.

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Securities Laws (Amendment) Act,2004

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