Capital market regulator Sebi today said stock exchanges can waive penalty on stock brokers in cases related to modification of client codes for non-institutional trades. However, stock exchanges can waive the penalty on a stock broker only once in a quarter. The move comes after the Securities and Exchange Board of India (Sebi) received representations from stock brokers and stock exchanges to review the penalty structure in cases of client code modifications.

Source - http://www.moneycontrol.com