Act Number: 42

Act Name: The Securities Contracts (Regulation) Act, 1956

Year: 1956

Enactment Date: 1956-09-04

Long Title: An Act to prevent undesirable transactions in securities by regulating the business of dealing therein, by providing for certain other matters connected therewith.

Ministry: Ministry of Finance

Department: Department of Economic Affairs

Section 23D: Penalty for failure to segregate securities or moneys of client or clients.
    If any person, who is registered under section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) as a stock broker or sub-broker, fails to segregate securities or moneys of the client or clients or uses the securities or moneys of a client or clients for self or for any other client, he shall be 1[liable to a penalty which shall not be less than one lakh rupees but which may extend to one crore rupees].
Notes:
1. Subs. by s. 28, ibid., for "liable to a penalty not exceeding one crore rupees" (w.e.f. 8-9-2014).
Previous Section Next Section
Scroll to Top