R C GUPTA
SECONDARY MARKET DEPARTMENT-II
November 7, 1992
The Presidents/Executive Directors
of Madras, Pune, Jaipur, Bangalore, Hyderabad,
Indore, Bombay, Kanpur and Cochin Stock Exchanges.
Collection of Registration fees for brokers.
1. We would like to inform you that we are in the process of finalisation of the granting of Registration to stock-brokers. In this regard, we request you to collect the registration fees from each of the member brokers of your exchange for Financial Year 1992-93. The registration fees for financial year 1992-93 as per SEBI (Stock-brokers and Sub-brokers) Regulations, 1992 is payable by each stock broker in the manner set out below :
a. Where the annual turnover does not exceed rupees one crore during the financial year 1991-92 a sum of rupees five thousand is payable for financial year 1992-93 or,
b. Where the annual turnover of the stock-broker exceeds rupees one crore during the financial year 1991-92 a sum of rupees five thousand plus one hundredth of one percent of the turnover in excess of rupees one crore is payable for financial year 1992-93.
2. As per the explanation provided in SEBI (Stock-brokers and Sub-brokers) Regulations, 1992 “annual turnover” means the aggregate of the sale and purchase or dealing in securities during any financial year.
3. The fees shall be paid by a cheque or draft in favour of “The Securities and Exchange Board of India” at Bombay.
4. You have already forwarded to us the broker-wise turnover figures for 1991-92 vide your letter bearing ref. No. ………………………….. dated ………………. The fees based on these figures may be collected and forwarded to SEBI within one month i.e. by December 8, 1992 to facilitate issue of registration certificates to brokers.
5. You are also requested to separately check the authenticity of the figures mentioned in your letter by obtaining an audit certificate from the member-brokers and forward the same to SEBI. In case, the actual turnover of any broker is found to be higher than the one mentioned in your letter, you are requested to collect the additional fees, as well, as per the turnover certified.
It may be noted that the collection of fees based on figures supplied by you should not be withheld or postpone for the certification mentioned in para 5 above.
R C GUPTA