Share broker business commences the day on which assessee files registration application with NSE

The company was incorporated on 24-11-2004 under the Indian Companies Act with the authorized capital of Rs. 2,00,00,000/- being minimum capital for the company obtaining membership of stock broker. As per the object clause of memorandum of association of the assessee, the main object of the assessee was to carry on the business of stock and share broker. To carry on the business activity, it has to be registered with NSE and/ or Bombay Stock Exchange. There are certain requirements, such as, qualified persons, minimum area and the net worth etc. to be complied with for getting registered. As ...