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Section15C
The Securities and Exchange Board of India Act, 1992

Penalty for failure to redress investors‟ grievances

In force From 30 Jan 1992 Act 15 of 1992 As on 17 Oct 2026

Act 15 of 1992 Ministry Finance Enacted 04 Apr 1992 In force 30 Jan 1992 Cited by 3 provisions Instruments 3

Section 15C of the Securities and Exchange Board of India Act, 1992 deals with penalty for failure to redress investors‟ grievances. If any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing [including by by any means of electronic communication], to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, su The Act came into force on 30 Jan 1992.

1[15C. Penalty for failure to redress investors’ grievances.—If any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing 2[including by by any means of electronic communication], to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary shall be liable to 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 15C, 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.

Referred to by 3

  1. s. 11 Functions of Board
  2. s. 11B Power to issue directions and levy penalty
  3. s. 15-I Power to adjudicate

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.

  1. Magnum Equity Broking LTD vs Securities and Exchange Board of India

    Supreme Court of India 28 Feb 2019 Binding (SC) Reportable (2019) 4 SCC 46

    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 for failure to redress investors' grievances; cited as example where Section 15J illustrative factors may not apply but where discretion remains under Section 15J.

    Read the full order on eCourts India

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

3 instruments name this provision in its title or its text without being made under it.

All subordinate legislation

Questions about Section 15C

What have the courts held on Section 15C of the Securities and Exchange Board of India Act?

Magnum Equity Broking LTD vs Securities and Exchange Board of India (28 Feb 2019) is the leading judgment on this section among those set out below: Penalty for failure to redress investors' grievances; cited as example where Section 15J illustrative factors may not apply but where discretion remains under Section 15J.

How do I find court cases under Section 15C 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 15C, section 15C Sebi Act, section 15C 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. 1 reported judgment on this section is set out on this page, beginning with Magnum Equity Broking LTD vs Securities and Exchange Board of India (28 Feb 2019).

What should I read with Section 15C of the Securities and Exchange Board of India Act, and has it changed?

3 other provisions in this corpus refer back to it. 3 instruments name it without being made under it, most recently the Securities and Exchange Board of India (Ombudsman) Regulations, 2003. (2003), then SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (1995).

When did Section 15C of the Securities and Exchange Board of India Act come into force?

Section 15C of the Securities and Exchange Board of India Act, cited as Sebi Act 15C, 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

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 17 Oct 2026. This page is not a substitute for legal advice.