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      Question

      Under which legislation was the penalty on Mahindra &

      Mahindra Financial Services Limited imposed?
      A Companies Act, 2013 Correct Answer Incorrect Answer
      B Banking Regulation Act, 1949 Correct Answer Incorrect Answer
      C RBI Act, 1934 Correct Answer Incorrect Answer
      D Payment and Settlement Systems Act, 2007 Correct Answer Incorrect Answer
      E Securities Contracts Regulation Act, 1956 Correct Answer Incorrect Answer

      Solution

      The penalty was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.

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