Securities and Exchange Board of India Act, 1992 · Chapter VIA: Penalties and Adjudication
Section 15E: Penalty for failure to observe rules and regulations by an asset management company
Where any asset management company of a mutual fund registered under this Act fails to comply with any of the regulations providing for restrictions on the activities of the asset management companies, such asset management company shall be liable to [a penalty [which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees.]]]
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 14 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 15E
-
Jaykishor Chaturvedi & Etc. v. Securities and Exchange Board of India
Whether interest on penalties imposed by the Adjudicating Officer is payable by the appellants, and if so, from which date-whether from the date of the adjudication orders passed by the Adjudicating Officer or the…