If any issuer dematerialises securities more than the issued securities of a company or delivers in the stock exchanges the securities which are not listed in the recognised stock exchange or delivers securities where no trading permission has been given by the recognised stock exchange, he shall be ¹[liable to a penalty which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees].

1. Subs. by s. 30, ibid., for "liable to a penalty not exceeding twenty-five crore rupees " (w.e.f. 8-9-2014).