Section 7V: Action May Take Against Indicator Organisation

1) The regulatory body may take any or all of the following actions and punish the indicting institution for not complying with this Act or the rules made under this Act or the guidelines issued or the orders or directions given, or the standards issued pursuant to sub-section (2) of section 7U:

(a) To give notice in writing,

(b) To impose a fine ranging from one million to five million rupees on casino entrepreneurs and financial institutions and from one million to one million rupees on other indicting institutions, depending on the seriousness of the violation of this Act or the rules made under this Act or the guidelines issued or the orders or instructions given,

(c) To cease, in whole or in part, the carrying on of any trade, occupation or business,

 (d) The suspension of a licence, licence or registration, or

(e) The cancellation of a licence, permit or registration.

2) Where it appears that the penalty referred to in sub-section (1) is not sufficient to punish the indicting institution in respect of a contravention of this Act or the rules made or guidelines issued or directions or orders made under this Act, the regulating body may impose appropriate punishment in accordance with the law in force.

3) When the regulatory body punishes the indicting institution in accordance with sub-section (1) or (2), the punishment shall be effective, proportionate, and deterrent.

4) If the regulatory body takes action or punishes the indicting institution in accordance with this section, and if such punishment is found to be due to the action of any officer or employee of the indicting institution, such officer or employee shall be required to take necessary action in accordance with the prevailing law of the indicting institution and the law of such indicting institution.

¹4A) If the indicting body does not take action in accordance with sub-section (4), the regulating body may exercise the authority of the indicting body to take necessary action against such officer or employee of the indicting body or the concerned officer of the indicting body may be fined or removed from office or both according to clause (b) of sub-section (1) according to the condition of maintenance, the seriousness of the matter and the nature of the indicting body.

5) The regulatory body shall give the indicting institution or its officer or employee a reasonable opportunity to submit an explanation when the institution is prosecuted and punished in accordance with this section.

² 6) Any officer of a signatory institution or of such institution who is not satisfied with the action or punishment taken by the regulatory body in accordance with this section may prefer an appeal before the High Court concerned within thirty-five days.

^{1Added by to amend certain Acts relating to Prevention of Money Laundering and Promotion of Business Environment Act, 2080.}

^{2 Amended by to amend certain Acts relating to Prevention of Money Laundering and Promotion of Business Environment Act, 2080.}