503. Penalty for contravention of section 500, section 501 or section 502

Any person who is knowingly responsible for the issue, circulation or distribution of prospectus or for the issue of a form of application for shares or debentures in contravention of any of the provisions of section 500, section 501, or section 502, shall be guilty of an offence and shall on conviction be liable to a fine not exceeding fifty thousand rupees.