Like other violations, the penalty is that possession of the ball is given to the opposing team.
Dribbling is subject to several rules that limit the ball handler's advantage.
10 (Section II (d)) states, "A player who is dribbling may not put any part of his hand under the ball and (1) carry it from one point to another or (2) bring it to a pause and then continue to dribble again.
[2] For example, redirecting the basketball during a dribble is not carrying, provided the ball does not come to a pause.
Carrying occurs only during a dribble; it is legal to have a hand underneath the ball when passing or shooting.