Penalty for failure to furnish information, return, etc
Section 15A of the Securities and Exchange Board of India Act, 1992 deals with penalty for failure to furnish information, return, etc. If any person, who is required under this Act or any rules or regulations made thereunder,--- (a) to furnish any document, return or report to the Board, fails to furnish the same, [or who furnishes or files false, incorrect or incomplete information, return, report, books or other documents] he sha The Act came into force on 30 Jan 1992.
1[15A. Penalty for failure to furnish information, return, etc-- If any person, who is required under this Act or any rules or regulations made thereunder,---
(a) to furnish any document, return or report to the Board, fails to furnish the same, 2[or who furnishes or files false, incorrect or incomplete information, return, report, books or other documents] he shall be liable to 3[a penalty 4[which shall 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;]]
(b) to file any return or furnish any information, books or other documents within the time specified therefor in the regulations, fails to file return or furnish the same within the time specified therefor in the regulations, he shall be liable to 5[a penalty 3[which shall 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;]]
(c) to maintain books of account or records, fails to maintain the same, he shall be liable to 6[a penalty 3[which shall 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.]]
Section 15A, The Securities and Exchange Board of India Act, 1992 (Act 15 of 1992).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Related judgements & precedents
These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.
-
Quantum Global Securities and Leasing Company LTD vs Securities and Exchange Board of India
Court's Decision & Legal Precedent
The conditions stipulated in clauses (a), (b) and (c) of Section 15J of the SEBI Act are illustrative in nature and not exhaustive. The Adjudicating Officer has discretion to consider other circumstances beyond those enumerated in Section 15J while determining the quantum of penalty under Sections 15A to 15HA. The power and discretion vested by Section 15J is not eclipsed by the penalty provisions in Sections 15A to 15HA, and the Explanation to Section 15J added by Act No. 7 of 2017 clarifies that the Adjudicating Officer shall have deemed to have always exercised this discretion in determining penalties. These provisions must be read harmoniously to avoid conflict and inconsistency.
On this section: Penalty provisions for various violations including information furnishing failures, insider trading, prohibited trading practices, and code of conduct breaches
-
Magnum Equity Broking LTD vs Securities and Exchange Board of India
Court's Decision & Legal Precedent
The conditions stipulated in clauses (a), (b), and (c) of Section 15J of the SEBI Act, 1992 are illustrative in nature and not exhaustive. The Adjudicating Officer has discretion to consider circumstances beyond those enumerated in Section 15J while determining penalty quantum under Sections 15A to 15HA. Section 15J was never eclipsed by amendments to Sections 15A-15HA, and the Explanation added by Act No. 7 of 2017 clarified this legislative intent. The power to impose "such penalty as he thinks fit" under Section 15I(2) supports this discretionary approach. However, the imposition of penalty itself depends on satisfaction of substantive provisions in Sections 15A-15HA, not on satisfaction of Section 15J conditions.
On this section: Penalty provisions for failure to furnish information, return, etc. Multiple versions of Section 15A were analyzed as amended by Act No. 59 of 2002, Act No. 27 of 2014, showing evolution from fixed penalty caps to minimum mandatory penalties to discretionary penalties.
The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.
Made under this section, and citing it
4 instruments name this provision in its title or its text without being made under it.
- SEBI (Central Database Of Market Participants) Regulations, 2003 Last amended on January 07, 2014Regulation 2014
- the Securities and Exchange Board of India (Ombudsman) Regulations, 2003.Regulation 2003
- SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995Rule 1995
- the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995.Rule 1995
Questions about Section 15A
What have the courts held on Section 15A of the Securities and Exchange Board of India Act?
Quantum Global Securities and Leasing Company LTD vs Securities and Exchange Board of India (28 Feb 2019) is the leading judgment on this section among those set out below: Penalty provisions for various violations including information furnishing failures, insider trading, prohibited trading practices, and code of conduct breaches. Another 1 judgment on this section is set out below, all of them from the Supreme Court.
How do I find court cases under Section 15A of the Securities and Exchange Board of India Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Sebi Act 15A, section 15A Sebi Act, section 15A of the Securities and Exchange Board of India Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 2 reported judgments on this section are set out on this page, beginning with Quantum Global Securities and Leasing Company LTD vs Securities and Exchange Board of India (28 Feb 2019).
What should I read with Section 15A of the Securities and Exchange Board of India Act, and has it changed?
4 other provisions in this corpus refer back to it. 4 instruments name it without being made under it, most recently SEBI (Central Database Of Market Participants) Regulations, 2003 Last amended on January 07, 2014 (2014), then the Securities and Exchange Board of India (Ombudsman) Regulations, 2003. (2003).
When did Section 15A of the Securities and Exchange Board of India Act come into force?
Section 15A of the Securities and Exchange Board of India Act, cited as Sebi Act 15A, came into force on 30 Jan 1992, having been enacted on 04 Apr 1992. It is in force as at the date shown on this page.
Other sections of this Act
- 11. Functions of Board1315 words
- 11C. Investigation1145 words
- 12. Registration of stock-brokers, sub-brokers, share transfer agents, etc678 words
- 28A. Recovery of amounts629 words
- 15U. Procedure and powers of the Securities Appellate Tribunal494 words
- 15D. Penalty for certain defaults in case of mutual funds464 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 14 Oct 2026. This page is not a substitute for legal advice.