1[Offences.
24. (1) Without prejudice to any award of penalty by the adjudicating officer under this Act, if any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations made thereunder, he shall be punishable with imprisonment for a term which may extend to 2[ten years, or with fine, which may extend to twenty-five crore rupees or with both].
(2) If any person fails to pay the penalty imposed by the adjudicating officer or fails to comply with any of his directions or orders, he shall be punishable with imprisonment for a term which shall not be less than one month but which may extend to 3[ten years, or with fine, which may extend to twenty-five crore rupees or with both].
1. Substituted by for section 24 by the Securities Laws (Amendment) Act 1995, w.e.f. 25-1-1995. Prior to its substitution section 24 read as under:
"24. Penalty.- Whoever contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules or regulations made thereunder, shall be punishable with imprisonment for a term which may extend to one year, or with fine, or with both."
2. Substituted for "one year, or with fine, or with both" by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002.
3. Substituted for "three years or with fine which shall not be less than two thousand rupees but which may extend to ten thousand rupees or with both" by the SEBI (Amendment) Act, 2002 w.e.f. 29-10-2002, for "three years or with fine which shall not be less than two thousand rupees but which may extend to ten thousand rupees or with both".