Securities and Exchange Board of India Act, 1992 · Chapter VIA: Penalties and Adjudication
Section 15F: Penalty for default in case of stock brokers
— If any person, who is registered as a stock broker under this Act,—-
(a) fails to issue contract notes in the form and manner specified by the stock exchange of which such broker is a member, he shall be liable to [a penalty which shall not be less than one lakh rupees but which may extend to [one crore rupees]] for which the contract note was required to be issued by that broker;
(b) fails to deliver any security or fails to make payment of the amount due to the investor in the manner within the period specified in the regulations, he 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 which6[such failure continues] subject to a maximum of one crore rupees]];
(c) charges an amount of brokerage which is in excess of the brokerage specified in the regulations, he shall be liable to [a penalty [[which shall not be less than one lakh rupees but which may extend to five times the amount of brokerage]] charged in excess of the specified brokerage, whichever is higher.]
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 15F
No Supreme Court judgment in our database cites this section yet.