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of <h1>Section 23B: Penalties for Non-Compliance in Client Agreements Under Securities Contracts Act, 1956, Amended 2004 & 2014.</h1> Section 23B of the Securities Contracts (Regulation) Act, 1956, mandates that any person required to enter into an agreement with clients, as per the Act or bye-laws of a recognized stock exchange, must do so. Failure to comply results in a penalty of no less than one lakh rupees, with the possibility of an additional one lakh rupees for each day the failure continues, capped at a maximum of one crore rupees. This provision was amended in 2004 and further revised in 2014 to adjust the penalty structure.
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