Section 96: Penalty for contravention of regulations or FSC Rules
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
96. Penalty for contravention of regulations or FSC Rules
(1) Any person who contravenes or fails to comply with any regulations
or any FSC Rules made for the purposes of this Part shall commit an offence
and shall, on conviction, be liable to a fine not exceeding one million rupees.
(2) Notwithstanding subsection (1), where under any provision of any
regulations, a time period for compliance is specified, the regulations may—
(a) provide that the contravention of the provision may constitute a
separate offence for each day the contravention continues after
the time period for compliance has elapsed;
(b) prescribe the daily monetary penalty that shall be applicable for
the breach of the provision.
PART VIII – COLLECTIVE INVESTMENT SCHEMES
Sub-Part A – Authorisation and Licensing