(1) A person who commits an insider trading as referred to in
Section 91 shall, upon being convicted of the offense of insider trading, be
liable to the punishment with a fine equal to the amount in controversy or with
imprisonment for a term not exceeding one year or with both punishments.
(2) A person who commits any act referred to in Sections 94, 95 and 96
shall be liable to the punishment with a fine of fifty thousand rupees to one
hundred thousand rupees or with imprisonment for a term not exceeding one
year or with both punishments, and where any one has suffered any loss or
damage from such an act, such loss or damage has also to be recovered.
(3) A person who commits any act referred to in Sections 97, 98, 99 and
100 shall be liable to the punishment with a fine of one hundred thousand
rupees to three hundred thousand rupees or with imprisonment for a term not
exceeding two years or with both punishments, and where any one has suffered
any loss or damage from such transactions, such loss or damage shall also be
recovered.
(4) If any one knowingly or with mala fide intention, does not maintain,
make, prepare or submit such accounts, books, statements, reports, notices,
information or similar other documents as required to be maintained, made,
prepared or submitted under this Act or the Rules or Bye-laws framed under
this Act within the time specified for the maintenance, making preparation or
submission of such accounts, books, statements, reports, notices or information
or if one makes, prepares or retains false statements or documents, the Board
may punish such a person with a fine of fifty thousand rupees to two hundred
thousand rupees.
(5) If any one knowingly commits any act in contravention of this Act or
the Rules or Bye-laws framed under this Act or the orders or directions issued
under this Act and thereby causes any loss or damage to any body corporate,
stock exchange, securities business person or investor, the Board may punish
such a person with a fine of fifty thousand rupees to two hundred thousand
rupees. If any one has suffered any loss or damage from such act, the Board
may also cause the recovery of compensation for actual loss or damage.
(6) If any one issues securities, carries on or causes to be carried on a
stock exchange or operate or causes to be operated securities transaction in the
capacity of a securities business person without fulfilling such requirements as
required to be fulfilled under this Act or the Rules or Bye-laws framed under
this Act, the Board may punish such a person with a fine of fifty thousand
rupees to one hundred fifty thousand rupees.
(7) If any person violates this Act or the Rules or Bye-laws framed under this
Act or any orders or directions issued thereunder or any terms and conditions specified
by the Board or fails to do any such act as required to be done by such a person or
commits any such act as required not to be done, the Board may punish such a person
with a fine of twenty five thousand rupees to seventy five thousand rupees.