Section 23A: Penalty for failure to furnish information, return, etc

Any person, who is required under this Act or any rules made thereunder,—

(a) to furnish any information, document, books, returns or [report to a recognised stock exchange or to the Board, fails to furnish the same within the time specified therefor in the listing agreement or conditions or bye-laws of the recognised stock exchange or the Act or rules made thereunder, or who furnishes] [false, incorrect or incomplete information, document, books, return or report], shall be liable to a penalty [which shall not be less than one lakh rupees but which may extend to one lakh rupees for each during which such failure continues subject to a maximum of one crore rupees], whichever is less for each such failure;

(b) to maintain books of account or records, as per the listing agreement or conditions, or bye-laws of a recognised stock exchange, fails to maintain the same, shall be liable to a penalty [which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees].]