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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 1[liable to a penalty
which shall not be less than one lakh rupees but which may extend to one crore rupees].
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1. Subs. by s. 28, ibid., for "liable to a penalty not exceeding one crore rupees" (w.e.f. 8-9-2014).