Securities and Exchange Board of India Act, 1992
If any listed company or any person who is registered as an intermediary, after having been called upon by the Board in writing [including by any means of electronic communication], to redress the grievances of investors, fails to redress such grievances within the time specified by the Board, such company or intermediary shall be liable to a penalty [which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees].]