law: The Pension Fund Regulatory and Development Authority Act, 2013
  Chapter
  
  VIII Penalties and Adjudication
  28.
  
     Penalty
  
  for failure by an intermediary or any other person to comply with provisions of
  
  this Act, rules, regulations and directions.
  1.   Any person, who is
  
  required under this Act or any rules or regulations made there under,-
  a.  
  
    to
  
  obtain a certificate of registration from the Authority for carrying on any
  
  activity under this Act, carries on such activities without obtaining such
  
  certificate of registration, he shall be liable to a penalty of one lakh rupees
  
  for each day during which the failure continues or one crore rupees, whichever
  
  is less;
  b.  
  
    to
  
  comply with the terms and conditions of a certificate of registration fails to
  
  do so, he shall be liable to a penalty of one lakh rupees for each day during
  
  which the failure continues or one crore rupees, whichever is less;
  c.  
  
    to
  
  furnish any information, document, books, returns or report to the Authority,
  
  fails to furnish the same within the time specified by the Authority, he shall
  
  be liable to a penalty which may extend to one crore rupees or five times the
  
  amount of profits made or losses avoided, whichever is higher;
  d.  
  
    to
  
  maintain books of account or records, fails to maintain the same, he shall be
  
  liable to a penalty of one lakh rupees for each day during which the failure continues
  
  or five times the amount of profits made or losses avoided, whichever is
  
  higher.
  1.  
  2.   If any person, who is
  
  required under this Act or any rules or regulations made there under, to enter
  
  into an agreement with his client, fails to enter into such agreement, he shall
  
  be liable to a penalty of one lakh rupees for each day during which the failure
  
  continues or five times the amount of profits made or losses avoided, whichever
  
  is higher.
  3.   If any intermediary
  
  registered with the Authority, after having been called upon by the Authority,
  
  in writing, to redress the grievances of subscribers, fails to redress such
  
  grievances within the time stipulated by the Authority, he shall be liable to a
  
  penalty of not more than one crore rupees or five times the amount of profits
  
  made or losses avoided, whichever is higher.
  4.   If any person, who is
  
  registered under this Act as an intermediary, fails to segregate moneys of the
  
  client or clients or uses the moneys of a client or clients for self or for any
  
  other client, he shall be liable to a penalty not exceeding one crore rupees or
  
  five times the amount of profits made or losses avoided, whichever is higher.
  5.   Whoever fails to
  
  comply with any provision of this Act, the rules or the regulations made or the
  
  directions issued by the Authority under the provisions of this Act for which
  
  no separate penalty has been provided, he shall be liable to a penalty which
  
  may extend to one crore rupees or five times the amount of profits made or
  
  losses avoided, whichever is higher.