Is there a penalty if a player touches a piece when it is not their turn?
No, there isn't. And there shouldn't be: touching your piece when it's not your turn gives you the ability to set a premove:
http://en.lichess.org/wiki/PremoveOh. Sorry. I should have specified in OTB games.
Ah. In that case, I have no idea.
good question wonder if someone knows the official FIDE rules for this
I don't think you are banned to touch it. but why just touch them and why correct them. did you missplace them.
When it isnt your turn you could only adjust yout pieces
