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of <h1>Stock Brokers Face Heavy Penalties for Contract Note, Payment, and Brokerage Defaults Under Section 15F of SEBI Act.</h1> Under Section 15F of the Securities and Exchange Board of India Act, 1992, stock brokers registered under the Act face penalties for specific defaults. If a broker fails to issue contract notes as specified by their stock exchange, they may incur a penalty ranging from one lakh to one crore rupees. Failure to deliver securities or make due payments within the specified period results in a penalty of at least one lakh rupees, potentially accruing daily up to one crore rupees. Charging excessive brokerage fees can lead to a penalty of at least one lakh rupees or five times the excess brokerage, whichever is higher.
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