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If a depository or participant or any issuer or its
agent or any person, who is registered as an intermediary under the provisions of section 12 of the
Securities and Exchange Board of India Act, 1992 (15 of 1992), fails to reconcile the records of
dematerialised securities with all the securities issued by the issuer as specified in the regulations, such
depository or participant or issuer or its agent or intermediary shall be liable to a penalty 1
[which shall not
be less than one lakh rupees but which may extend to one lakh rupees for each day during which such
failure continues subject to a maximum of one crore rupees].
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1. Subs. by s. 46, ibid., for certain words (w.e.f. 8-9-2014).