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1[2[15EB. Penalty for default in case of investment adviser and research analyst.--Where an investment adviser or a research analyst fails to comply with the regulations made by the Board or directions issued by the Board, such investment adviser or research analyst shall be liable to penalty 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. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). br 2. Ins. by Act 13 of 2018, s. 182 (w.e.f. 8-3-2019).