Critically examine the following: 'A stock-broker or sub-broker is liable for monetary penalty in respect of various violations'.

As per SEBI (stock brokers and sub brokers) regulations 1992, a stock broker or a sub-broker shall be liable for monetary penalty in respect of the following violations, namely: Failure to file any return or report with SEBI. Failure to furnish any information, books or other documents within 15 days of issue of notice by SEBI. Failure to maintain books of account or record as per the Act, rules or regulations framed there. Failure to redress the grievances of investors within 30 days of receipts of notice from SEBI. Failure to issue contract notes in the form and manner specified by the Stock Exchange of which such broker is a member. Failure to deliver any security or make payment of the amount due to the investor within 48 hours of the settlement of trade unless the client has agreed in writing otherwise. Charging of brokerage which is in excess of brokerage specified in the regulations or the bye-laws of the stock exchange. Dealing in securities of a body corporate listed on any stock exchange on his own behalf or on behalf of any other person on the basis of any unpublished price sensitive information. Procuring or communicating any unpublished price sensitive information except as required in the ordinary course of business or under any law. Counselling any person to deal in securities of anybody corporate on the basis of unpublished price sensitive information. Indulging in fraudulent and unfair trade practices relating to securities. Failure to maintain client opening form. Failure to segregate his own funds or securities from the client's funds or securities or using the securities or funds of the client for his own purpose or for purpose of any other client. Acting as an unregistered sub-broker or dealing with unregistered sub-brokers. Failure to comply with directions issued by SEBI under the Act or the regulations framed thereunder. Failure to exercise due skill, care and diligence. Failure to obtain prior approval of SEBI in case of change in control of stock broker. Failure to satisfy the net worth or capital adequacy norms, if any, specified by SEBI. Extending use of trading terminal or any unauthorized person or place. Violations for which no separate penalty has been provided under SEBI (stock brokers and sub brokers) regulations 1992.