Question

What is the penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board?

Q: Answer-What is the penalty for alteration, destruction, etc., of records and failure to protect the electro...

Section 15HAA was inserted into the SEBI Act by the Finance Act, 2019 effective from January 20, 2019. It was introduced to specifically address the integrity of regulatory data and the Boards electronic systems.

A not less than five lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits, whichever is higher

B not less than one lakh rupees but which may extend to ten crore rupees or three times the amount of profits, whichever is higher

C not less than one lakh rupees but which may extend to five times the amount of profits

D not 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

E not less one lakh rupees but which may extend to one crore rupees

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