Section 23G: Penalty for failure to furnish periodical returns, etc

If a recognised stock exchange fails or neglects to furnish periodical returns [or furnishes false, incorrect or incomplete periodical returns] to the Securities and Exchange Board of India or fails or neglects to make or amend its rules or bye-laws as directed by the Securities and Exchange Board of India or fails to comply with directions issued by the Securities and Exchange Board of India, such recognised stock exchange shall be [liable to a penalty which shall not be less than five lakh rupees but which may extend to twenty-five 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 15 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 23G

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