Section 12 in The Securities And Exchange Board Of India (Amendment) Act, 2002
12. Amendment of section 15D.- In section 15D of the principal Act,-
(i)in clause (a), for the words" a penalty not exceeding ten thousand rupees for each day during which he carries on any such collective investment scheme including mutual funds, or ten lakh rupees, whichever is higher", the words" a penalty of one lakh rupees for each day during which he sponsors or carries on any such collective investment scheme including mutual funds, or one crore rupees, whichever is less" shall be substituted;(ii)in clause (b), for the words" a penalty not exceeding ten thousand rupees for each day during which such failure continues or ten lakh rupees, whichever is higher", the words" a penalty of one lakh rupees for each day during which such failure conti ues or one crore rupees, whichever is less" shall be substituted;(iii)in clause (c), for the words" a penalty not exceeding five thousand rupees for each day during which such failure continues or five lakh rupees, whichever is higher", the words" a penalty of one lakh rupees for each day during which such failure co tinues or one crore rupees, whichever is less" shall be substituted;(iv)in clause (d), for the words" a penalty not exceeding one thousand rupees for each day during which such failure continues", the words" a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is l ss" shall be substituted;(v)in clause (e), for the words" a penalty not exceeding one thousand rupees for each day during which such failure continues", the words" a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is le s" shall be substituted;(vi)in clause (f), for the words" a penalty not exceeding five lakh rupees for each such failure", the words" a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less" shall be substituted.
