Securities and Exchange Board of India Act : Penalty for non-disclosure of acquisition of shares and

Securities and Exchange Board of India Act,1992

Act No : 15

Section : Penalty for non-disclosure of acquisition of shares and takeovers.

15H. Penalty for non-disclosure of acquisition of shares and takeovers. If any person, who is required under this Act or any rules or regulations made thereunder, fails to-- (i) disclose the aggregate of his share holding in the body corporate before he acquires any shares of that body corporate; or (ii) make a public announcement to acquire shares at a minimum price, he shall be liable to a penalty not exceeding five lakh rupees.