No, from the way it's written, what is now a point penalty will become a point penalty AND a fault.
I read like Sri : it will be only a fault.
For the second and all subsequent violations, the penalty will be a fault for the server and a point penalty for the receiver.
it's for the receiver that it would stay a point penalty.
Which means that if it's before the first serve, the player will have a second serve, whereas so far he lost the point.
Frankly speaking, it changes nuts. And it comes AFTER the warning ... which is very seldom applied itself.
The let experimentation is far more important.