23. Penalties.- (1) Any person who-
(a) without reasonable excuse (the burden of proving which shall be on him) fails to comply with any requisition made under sub- section (4) of section 6;
or
(b) enters into any contract in contravention of any of the provisions contained in section 13 or section 16; or
(c) contravenes the provisions contained in **[section 17 or section 17A] or section 19; or (d) enters into any contract in derivative in contravention of section 18 A or the rules made under section 30.
(e) owns or keeps a place other than that of a recognised stock exchange which is used for the purpose of entering into or performing any contracts in contravention of any of the provisions of this Act and knowingly permits such place to be used for such purposes; or
(f) manages, controls, or assists in keeping any place other than that of a recognised stock exchange which is used for the purpose of entering into or performing any contracts in contravention of any of the provisions of this Act or at which contracts are recorded or adjusted or rights or liabilities arising out of contracts are adjusted, regulated or enforced in any manner whatsoever; or
(g) not being a member of a recognised stock exchange or his agent authorised as such under the rules or bye- laws of such stock exchange or not being a dealer in securities licensed under section 17
(h) not being a member of a recognised stock exchange or his agent authorised as such under the rules or bye- laws of such stock exchange or not being a dealer in securities licensed under section 17, canvasses, advertises or touts in any manner either for himself or on behalf of any other person for any business connected with contracts in contravention of any of the provisions of this Act; or
(i) joins, gathers or assists in gathering at any place other than the place of business specified in the bye-laws of a recognised stock exchange any person or persons for making bids or offers or for entering into or performing any contracts in contravention of any of the provisions of this Act
*[shall, without prejudice to any award of penalty by the Adjudicating Officer under this Act, on conviction, be punishable with imprisonment for a term which may extend to ten years or with fine, which may extend to twenty-five crore rupees or with both]
(2) Any person who enters into any contract in contravention of the provisions contained in section 15 or who fails to comply with the provisions of *[section 21 or section 21A] or with the orders of the Central Government under section 22 or with the orders of the Securities Appellate Tribunal *[shall, without prejudice to any award of penalty by the Adjudicating Officer under this Act, on conviction, be punishable with imprisonment for a term which may extend to ten years or with fine, which may extend to twenty-five crore rupees, or with both]. *[Amended by Securities Laws (Amendment) Act, 2004]
**[Substituted by Securities Contracts (Regulation) Amendment Act, 2007]
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