(1)The Commission may, for the contravention of any of the provision of this Act or the rules or regulations made thereunder, or directions issued by the Commission, impose penalty, in such manner, as may be prescribed, but not exceeding one crore rupees:Provided that the maximum penalty for a second or subsequent contravention shall be five crore rupees :Provided further that no penalty shall be imposed unless the institution concerned is given an opportunity of being heard.
