law: The Actuaries Act, 2006
  38. Penalty for using
  
  name of Institution, awarding degrees of actuarial science, etc. - 
  1. 
  
   Save
  
  as otherwise provided in this Act, no person shall-
  a.    use a name or a
  
  common seal which is identical with the name or the common seal of the
  
  Institute or so nearly resembles it so as to deceive or as is likely to deceive
  
  the public; or
  b.    award any degree,
  
  diploma or certificate or bestow any designation which indicates or purports to
  
  indicate the position or attainment of any qualification or competence in actuary
  
  ship similar to that of a member of the Institute; or(c) seek to regulate in
  
  any manner whatsoever the profession of Actuaries.
  1. 
  
  
  
    
  2. 
  
   Any
  
  person contravening the provisions of sub-section (1) shall, without prejudice
  
  to any other proceedings, which may be taken against him, be punishable with
  
  fine, which may extend on first conviction to fifty thousand rupees and on any
  
  subsequent conviction with imprisonment which may extend to one year, or, with
  
  fine which may extend to one lakh rupees, or with both.
  3. 
  
   Nothing
  
  contained in this section shall apply to any University or other institution
  
  established by law or to any body affiliated to the Institute.