Rule should be:
(1) Fielding side delaying (as judged by umpire) - fielding side docked 10 runs for every over lost at close of play.
(2) Batting side delaying (as judged by umpire) - batting side docked 1 wicket for every over lost by close of play.
Law 42 (Fair and unfair play) already covers this. In my opinion, the below simply needs stricter interpretation and enforcement...
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9. Time wasting by the fielding side
It is unfair for any fielder to waste time.
(a) If either umpire considers that the progress of an over is unnecessarily slow, or time is being wasted in any other way, by the captain of the fielding side or by any other fielder, at the first instance the umpire concerned shall
(i) if the ball is in play, call and signal Dead ball.
(ii) inform the other umpire of what has occurred.
(b) The bowler’s end umpire shall then,
(i) warn the captain of the fielding side, indicating that this is a first and final warning.
(ii) inform the batsmen of what has occurred.
(c) If either umpire considers that there is any further waste of time in that innings by any fielder, he shall
(i) if the ball is in play, call and signal Dead ball.
(ii) inform the other umpire of what has occurred.
The bowler’s end umpire shall,
(iii) either, if the waste of time is not during an over, award 5 penalty runs to the batting side and inform the captain of the fielding side of the reason for this action
or, if the waste of time is during the course of an over, direct the captain of the fielding side to suspend the bowler forthwith. The bowler thus suspended shall not be allowed to bowl again in that innings.
If applicable, the over shall be completed by another bowler, who shall neither have bowled any part of the previous over, nor be allowed to bowl any part of the next over.
(iv) inform the batsmen and, as soon as is practicable, the captain of the batting side of what has occurred.
(v) together with the other umpire report the occurrence as soon as possible after the match to the Executive of the fielding side and to any Governing Body responsible for the match, who shall take such action as is considered appropriate against the captain and team concerned.
10. Batsman wasting time
It is unfair for a batsman to waste time. In normal circumstances, the striker should always be ready to take strike when the bowler is ready to start his run up.
(a) Should either batsman waste time by failing to meet this requirement, or in any other way, the following procedure shall be adopted. At the first instance, either before the bowler starts his run up or when the ball becomes dead, as appropriate, the umpire shall
(i) warn both batsmen and indicate that this is a first and final warning. This warning shall apply throughout the innings. The umpire shall so inform each incoming batsman.
(ii) inform the other umpire of what has occurred.
(iii) inform the captain of the fielding side and, as soon as practicable, the captain of the batting side of what has occurred.
(b) If there is any further time wasting by any batsman in that innings, the umpire shall, at the appropriate time while the ball is dead
(i) award 5 penalty runs to the fielding side.
(ii) inform the other umpire of the reason for this action.
(iii) inform the other batsman, the captain of the fielding side and, as soon as practicable, the captain of the batting side of what has occurred.
(iv) together with the other umpire report the occurrence as soon as possible after the match to the Executive of the batting side and to any Governing Body responsible for the match, who shall take such action as is considered appropriate against the captain and player or players and, if appropriate, team concerned.