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of <h1>Registered intermediaries face minimum Rs 1 lakh penalty for failing client agreements under Section 15B</h1> Section 15B of the Securities and Exchange Board of India Act, 1992 establishes penalties for registered intermediaries who fail to enter into required agreements with clients. The provision mandates a minimum penalty of one lakh rupees, with daily penalties of one lakh rupees for continued non-compliance, subject to a maximum cap of one crore rupees. This section was inserted in 1995 and subsequently amended in 2002 and 2014 to strengthen penalty structures and ensure intermediary compliance with client agreement requirements.
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