SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, B Wing, First Floor,
224, Nariman Point, Mumbai 400 021
SMD/DBA II/CIR- 38/2001.
June 28, 2001.
The President/Executive Directors/Managing Directors of All Stock Exchanges.
Dear Sir,
Sub: Payment of Annual Fees of Sub Brokers.
It has been observed that demand drafts received by SEBI towards Annual Fees payable by the sub- brokers as per Schedule III of Regulation 10 of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992, either directly or through the concerned stock exchanges, many a times do not provide important details which are required for expeditiously crediting the drafts to the sub brokers account. This results in unnecessary correspondence and delay in crediting these drafts to the concerned sub brokers account at our end & ultimately resulting in the instrument becoming stale.
All stock exchanges are, therefore advised that they direct their members to collect the annual fees payable by their sub brokers and submit the same with stock exchange for onward transmission to SEBI. The fees so collected shall be forwarded by the exchange to SEBI every fortnight on 1st & 15th of every month by sending a consolidated pay order/draft along with hard & soft copy listing out :-
1. Name of the sub broker.
2. SEBI Registration No
3.Recommending Broker name.
4.Financial Year for which fees have been remitted.
5.Principal Amount.
6.Interest Paid, If any.
7.Total amount Paid.
The fee shall be forwarded by the exchange strictly as per the format enclosed. The soft copy shall also be provided which should be in Excel Sheet with comma as delimiter
(CSV Format).
All Stock Exchanges are requested to ensure that this procedure is adopted with immediate effect.
Yours faithfully,
D.RAVI KUMAR
DEPUTY GENERAL MANAGER
SECONDARY MARKET DEPARTMENT
