The Securities and Exchange Board of India Act, 1992
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 there under, to enter into an agreement with his client, fails to enter into such agreement, he shall be liable to a penalty not exceeding five lakh rupees for every such failure.
The Securities and Exchange Board of India Act, 1992
