Securities Contracts (Regulation) Act, 1956 · Penalties and procedure
Section 23M: Offences
(1) Without prejudice to any award of penalty by the adjudicating officer [or the Securities and Exchange Board of India] under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations or byelaws made thereunder, for which no punishment is provided elsewhere in this Act, he shall be punishable with imprisonment for a term which may extend to ten years, or with fine, which may extend to twentyfive crore rupees or with both.
(2) If any person fails to pay the penalty imposed by the adjudicating officer [or the Securities and Exchange Board of India] or fails to comply with [the direction or order], he shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to ten years, or with fine, which may extend to twenty-five crore rupees, or with both.
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 23M
No Supreme Court judgment in our database cites this section yet.