State the penalties against persons who might be found guilty of offences under section 23 of the Securities Contract (Regulation) Act, 1956. (i) Any person who fails to maintain books of accounts or records, as per the

In accordance with Section 23 of the Securities Contracts (Regulation) Act, 1956, any person who might be found guilty of offences under section 23 of the Securities Contracts (Regulation) Act, 1956, shall, without prejudice to any award of penalty by the Adjudicating Officer or the SEBI under the Securities Contracts (Regulation) Act, 1956, on conviction, be punishable with imprisonment for a term which may extend to ten years or with fine, which may extend to twenty five crore rupees, or with both. i. According to Section 23A (b) of the Securities Contracts (Regulation) Act, 1956 Contravention: Any person who fails to maintain books of account or records, as per the listing agreement or conditions, or bye laws of a recognized stock exchange. Penalty: Penalty shall be not less than ₹ 1 lakh rupees but may extend to ₹ 1 lakh rupees for each day during which such failure continues, subject to a maximum of ₹ 1 crore rupees. ii. According to Section 23 F of the Securities Contracts (Regulation) Act, 1956 Contravention: If any issuer makes an excess dematerialization or delivery of unlisted securities. Penalty: Penalty shall be not less than ₹ 5 lakh rupees which may extend to ₹ 25 crores rupees.