Section 101: Punishment

1) A person who commits insider trading as referred to in Section 91 shall, upon being convicted of the offence 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 of a fine of fifty thousand rupees to one hundred thousand rupees or imprisonment for a term not exceeding one year or with both punishments and where anyone 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 anyone has suffered any loss or damage from such transactions, such loss or damage shall also be recovered.

4) If anyone 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 By-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 anyone knowingly commits any act in contravention of this Act or the Rules or By-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 anyone has suffered any loss or damage from such an act, the Board may also cause the recovery of compensation for actual loss or damage.

6) If anyone 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 By-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 By-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.