Securities and Exchange Board of India Act, 1992 · Chapter VIA: Penalties and Adjudication
Section 15HA: Penalty for fraudulent and unfair trade practices
If any person indulges in fraudulent and unfair trade practices relating to securities, he shall be liable to a penalty [which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of such practices, 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 15HA
- Pooja Menghani v. Insolvency and Bankruptcy Board of India & Anr
- Prakash Aggarwal v. Ganesh Benzoplast Limited
- Securities and Exchange Board of India v. V Shankar
- Kavi Arora v. Securities & Exchange Board of India
- Dkg Buildcon Private Ltd v. The Adjudicating & Enquiry Officer, S.E.B.I.
- T. Takano v. Securities and Exchange Board of India & Anr.
- Adjudicating Officer, Securities and Exchange Board of India v. Bhavesh Pabari
- Securities and Exchange Board of India v. Rakhi Trading Private Ltd.
- Securities and Exchange Board of India v. Shri Kanaiyalal Baldevbhai Patel
- N. Narayanan v. Adjudicating Officer, Sebi