SECURITIES AND EXCHANGE BOARD OF INDIA
PRIMARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021
SMD/POLICY/CIR-4/98
February 4, 1998
TO:
The President/ Executive Directors/ Managing Directors
of all Stock Exchanges.
Dear Sir,
Sub : Exemption from payment of fee
We forward herewith a copy of the Notification issued on January 21, 1998 regarding exemption of registration fee on corporatisation of individual/partnership membership for your information.
In exercise of the powers conferred by sub-section (i) of Section 30 of the SEBI Act, 1992 whereby a corporate entity formed by converting the individual or partnership membership card of the exchange shall be exempted from payment of fee for the period for which the erstwhile individual or partnership member as the case may be has already paid the fees subject to the condition that the erstwhile individual or partner shall be the wholetime director of the corporate member so converted and such director will continue to hold minimum 40% shares of the paid-up equity capital of the corporate entity for a period of atleast 3 years from the date of such conversion.
Yours faithfully,
M.D. PATEL
EXECUTIVE DIRECTOR
Encl. : as above
SECONDARY MARKET DEPARTMENT
SMD/SC/AK/6737/98
February 6, 1998
The Executive Director,
The Stock Exchange, Mumbai
Phiroze Jeejeebhoy Towers,
Dalal Street,
MUMBAI 400 023.
Dear Sir,
Sub : Exemption from payment of fee
Please refer our circular no. SMD/SC/CIR/6102/98 dated February 4, 1998 on the above subject.
For all future correspondence on the matter you are advised to quote the following reference
“SMD/POLICY/CIR-4/98”.
Yours faithfully,
ANITA KENKARE
