Act Number: 15

Act Name: The Securities and Exchange Board of India Act, 1992

Year: 1992

Enactment Date: 1992-04-04

Long Title: An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Economic Affairs

Section 15B: Penalty for failure by any person to enter into agreement with clients.
        1[15B. Penalty for failure by any person to enter into agreement with clients.-- If any person, who is registered as an intermediary and is required under this Act or any rules or regulations made thereunder to enter into an agreement with his client, fails to enter into such agreement, he shall be liable to 2[a penalty 3[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.]]
Notes:
1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995)/b 2. Subs. by s. 10, ibid., for "a penalty not exceeding five lakh rupees for every such failure" (w.e.f. 29-10-2002).
3. Subs. by Act 27 of 2014, s. 7, for certain words (w.e.f.8-9-2014).
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