Securities and Exchange Board of India
Chief General Manager
Market Intermediaries Regulation
And Supervision Department
MIRSD/REG-1/Cir- 39/19257/03
October 10, 2003
To
The Executive Director/Managing Director All Stock Exchanges
Dear Sir/ Madam,
Sub: Failure to pay fees in the manner specified in Schedule III of the SEBI (Stock brokers and Sub-brokers) Rules and Regulations, 1992 read with Circular No. SMD/ Policy/ Cir-07/ 2002 dated March 28, 2002
This is further to the circular No. SMD/DBA-II/Cir-28/12348/03 dated June 25, 2003 on the above subject.
SEBI has been receiving representations from broker fora and individual brokers seeking suitable extension of August 31, 2003 deadline for payment of fees by brokers in the cash segment of the Exchanges. The same have been considered and it has been decided to extend the deadline to 31st December 2003.
Accordingly, you are advised to bring to the notice of all brokers in the cash segment of your Exchange that those brokers who have failed to comply with the 50% facility by March 31, 2003 or for whom collection of fees has not been stayed by any Court of law, are required to pay the entire fees and interest payable by them up to financial year 2003-04 by December 31, 2003, failing which, appropriate action as permissible under the SEBI Act, 1992, the SEBI (Stock brokers and Sub-brokers) Regulations, 1992 read with the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations 2002 would be initiated.
Yours faithfully,
(M. S. Sahoo)
