There is no penalty and the ball must be played from the new spot (Rule 9.3). This is unless the ball has been previously marked and replaced. In this case the exception in Rule 13.1d applies and the ball is replaced on its original spot.
Another way to remember this rule is to remember that on the putting green, your ball “owns the spot” after you lift it until you play your next stroke.
This approach represents a change from the rule as set out in Decision 18-1/12 on the Rules of Golf that applied before January 2019.
Updated: 13-Aug-2020 | Email feedback to this question