# 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 1[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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1. 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).
PENALTIES AND PROCEDURE
23
Penalties23A
Penalty for failure to furnish information, return, etc23C
Penalty for failure to redress Investors grievances23D
Penalty for failure to segregate securities or moneys of client or clients23E
Penalty for failure to comply with provision of listing conditions or delisting conditions or grounds
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