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    Question

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

    A 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 Correct Answer Incorrect Answer
    B Not less than ten lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of insider trading, whichever is higher Correct Answer Incorrect Answer
    C Not less than five lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of insider trading, whichever is higher Correct Answer Incorrect Answer
    D Not be less than one lakh rupees but which may extend to a maximum of ten crore rupees or three times the amount of gains made out, whichever is higher. Correct Answer Incorrect Answer

    Solution

    Section 15HAA. Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board (g) knowingly provides any assistance to or causes any other person to do any of the acts specified in clauses (a) to (f), shall be liable to a penalty which shall not be less than one lakh rupees but which may extend to ten crore rupees or three times the amount of profits made out of such act, whichever is higher.

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