SFT Filling Form 61A - Any cap on Penalty or Condolence

We have raised  Paidup share capital in our Private limited company from X amount to Y amount through Right issue to existing share holders (total 4 shareholders only) who are family member

We missed filling SFT for it and our new CA is saying there is Rs 500 penalty everyday and 1000 per day after 30 days

And we are 400 days late so around 3.85 lac penalty is due

Is there any condolence possible or is there any upper limit to this penalty