If any person, who is required under this Act or any bye-laws of a recognised stock exchange made thereunder, to enter into an agreement with his client, fails to enter into such an agreement, he shall be liable to a penalty [which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees] for every such failure.
Section 23B: Penalty for failure by any person to enter into an agreement with clients.
The Securities Contracts (Regulation) Act, 1956Central Act · Act 42 of 1956
Where this provision sits
| Act | The Securities Contracts (Regulation) Act, 1956 |
|---|---|
| Section | 23B |
| Marginal note | Penalty for failure by any person to enter into an agreement with clients. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- substituted, Act 27 of 2014. . Subs. by Act 27 of 2014, s. 26, for "of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less" (w.e.f. 8-9-2014).
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