Amendment of section 15F.
180. In section 15F of the principal Act, in sub-clause (a), after the words "one lakh rupees but which may extend to", the words "one crore rupees" shall be inserted.
Notes on Clauses:
Clauses 177 to 181 seek to amend the certain provisions fo the Securities Exchange Board of India Act, 1992.
It is proposed to amend section 14 of the said Act so as to restrict the accumulation of huge surplus funds with the Securities Exchange Board of India.
It is further proposed to amend section 15C of the said Act so as to provide that failure of any listed company or any person who is registered as an inermediary, to redress investors’ grievances after having been called upon the Board even through any electronic means and not necessarily in writing, may also amount to a penalty under the said section.
It is also proposed to amend section 15F of the said Act so as to provide monetary penalty for failure to issue contract notes in the form and in the manner specified by the stock exchange of which a registered stock broker is a member.
It is also proposed to insert a new section 15HAA so as to provide monetary penalty for alteration, destruction, mutilation, concealment or falsification of information, record, document (including electronic records), relating to a contravention of this Act, so as to impede, obstruct, or influence the investigation, inquiry, audit, inspection or proper administration of any matter within the juridiction of the Board. It also seeks to protect of electronic database of the Board intermediaries regulated by the Board, under the Act.
