Section 15D of SEBI Act 1992

Anusha Kondapani (SAP Business ByDesign Consultant)   (624 Points)

11 November 2014  

Hi Fiends,

I was reading the Sec 15 D of SEBI Act 1992 from the latest revised institute material, which is on Penalty for certain defaults in case of mutual funds (Sec 15D) point (c) reads as follows:

(c) registered with the board as a collective investment scheme, including mutual funds, fails to make an application for listing of its schemes as provided for in the regulations governing such listing, he shall be liable to penalty not exceeding five thousand rupees for each day during which such failure continues or one crore rupees, whichever is less. 

I think this should be one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.

Can anybody please confirm the correct penalty ?

Thanks

Anusha