State the penalty levied for failure to redress investors' grievances as per The Depositories Act, 1996.

Penalty for failure to redress investors' grievances Section 19C of the Depositories Act, 1996, lays down that if any depository or participant or any issuer or its agent or any person, who is registered as an intermediary with SEBI, after having been called upon by the SEBI in writing, to redress the grievances of the investors, fails to redress such grievances within the time specified, such depository or participant or issuer or its agents or intermediary shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.