Question
What is the penalty for a person who fails to enter into
an agreement with a client as required under the Act or bye-laws of a recognized stock exchange?Solution
SCRA Section 23B. Penalty for failure by any person to enter into an agreement with clients.—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.
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