If any person, who is required under this Act, or rules or regulations made thereunder, —
(a)to furnish any document, statement, account, return or report to the Authority, fails to furnish the same; or
(b)to comply with the directions, fails to comply with such directions;
(c)to maintain solvency margin, fails to maintain such solvency margin;
(d)to comply with the directions on the insurance treaties, fails to comply with such directions on the insurance treaties,
he shall be liable to a penalty 7[of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less].