General provision for punishment of offences

Whoever contravenes any of the provisions of this Act or of any rules or regulations made thereunder, if no penalty is provided for such contravention, be liable to pay a penalty to the Authority,-

1. (a) which may extend to rupees ten thousand, in case of first contravention; and
2. (b) which shall not be less than rupees two thousand five hundred but which may extend to rupees fifty thousand, in case of second or subsequent contravention.