Question

If any person, who is registered with the Board as a

collective investment scheme, including mutual funds, for sponsoring or carrying on any investment scheme, fails to comply with the terms and conditions of certificate of registration, he shall be liable to a penalty

A not be less than one lakh rupees but extending to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees

B not be less than one lakh rupees but extending to a maximum of one crore

C not be less than one lakh rupees but extending to one lakh rupees for each day during which such failure continues subject to a maximum of ten crore

D not be less than ten lakh rupees but extending to one lakh rupees for each day during which such failure continues subject to a maximum of one crore

E not be less than one lakh rupees but extending to ten lakh rupees for each day during which such failure continues subject to a maximum of one crore

Practice Next

If any person, who is registered with the Board as a

Solution