Section 29 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
If any person contravenes or attempts to contravene or abets the contravention of the provisions of this Act or of any rules made thereunder, he shall be punishable with imprisonment for a term which may extend to one year, or with fine, or with both.
Summary
- A person who breaks any rule of this Act or its rules commits an offence.
- Attempting to break the rules is treated as an offence.
- Helping someone else break the rules is also an offence.
- The punishment can be jail time up to one year, a fine, or both at the same time.
Practical examples
FAQ
1. What happens if I try to break a rule but fail?
You can still be punished. The law specifically makes attempting to break the rules a punishable offence.
2. Can someone go to jail for just helping another person break the rules?
Yes. Aiding or encouraging someone else to break the rules carries the same risk of up to one year in jail, a fine, or both.
3. Is there a minimum fine set by this section?
No. The section allows for a fine, but it does not specify a minimum amount.
Test yourself
Q1.Under Section 29 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, what is the maximum prison sentence for contravening the provisions of the Act?
Q2.Under Section 29 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which of the following actions is completely exempt from punishment?
Q3.Under Section 29 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, what combination of punishments can a judge give to someone who breaks the rules?
Q4.Under Section 29 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, what is the legal term used to describe helping or encouraging someone else to break the law?