I don\'t quite understand why client side validation is a potential security risk or more of a security risk than server side validation? Can someone give me some scenarios
Actually, there is a huge security advantage to client-side validation (in combination with server-side validation). If you validate carefully on the client, then ALL the traffic coming into the server should be clean. Except for the attackers. That makes it possible to do much better server-side attack detection. In the big scheme of things, that's probably the most important thing that you could possibly do to protect your applications. See the OWASP ESAPI IntrusionDetector or the OWASP AppSensor for more on this.
Oh, and obviously if the attack starts and finishes in the client, like DOM-based XSS, then you're going to have to validate and encode on the client-side.