*[23D. Penalty for failure to segregate securities or moneys of client or clients.-If any person, who is registered under section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) as a stock broker or sub-broker, fails to segregate securities or moneys of the client or clients or uses the securities or moneys of a client or clients for self or for any other client, he shall be liable to a penalty not exceeding one crore rupees. *[Inserted by Securities Laws (Amendment) Act, 2004]
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