Penalty for default in case of stock brokers

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....shall be liable to 1[a penalty which shall not be less than one lakh rupees but which may extend to] 7[one crore rupees] for which the contract note was required to be issued by that broker; (b) fails to deliver any security or fails to make payment of the amount due to the investor in the manner within the period specified in the regulations, he shall be liable to 2[a penalty 3[which shall not b....

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.... Substituted for the words "of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less" by the Securities Laws (Amendment) Act, 2014, w.e.f. 08-09-2014. 4 Substituted for "a penalty not exceeding five thousand rupees‖ by the SEBI (Amendment) Act, 2002, w.e.f. 29-10-2002. 5 Substituted for the words "of one lakh rupees or five times the amount....