SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 23rd March, 2021

SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING CORPORATIONS) (AMENDMENT) REGULATIONS, 2021

Notification No. SEBI/LAD-NRO/GN/2021/12.—In exercise of the powers conferred by sections 4, 8A and 31 of the Securities Contracts (Regulation) Act, 1956, read with sections 11 and 30 of the Securities and Exchange Board of India Act, 1992, the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, namely:—

1. These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, –

I. In regulation 2, sub-regulation (1), –

i. After clause (ha), the following clause shall be inserted, namely,-

“(hb) “financial year” means the period of twelve months commencing on the first day of April every year;”

ii. After clause (o), the following clause shall be inserted, namely,-

“(oa) “quarter” means the period of three months commencing on the first day of April, July, October and January of each financial year;”

iii. Clause (ra), (rb) and (rc) shall respectively be renumbered as clause (rb), (rc) and (rd) and before the clauses so renumbered, the following clause shall be inserted, namely,-

“(ra) “regulatory fee” means fees levied by the Board under these regulations for carrying out the functions under the Act and the Securities and Exchange Board of India Act, 1992 (15 of 1992);”

II. In regulation 11,

i. sub-regulation (1), shall be substituted with the following, namely,-

“(1) Every recognised stock exchange shall be charged, a regulatory fee payable to the Board, at such rates and within such time as is mentioned in sub-regulation (2) and sub- regulation (3).

ii. after sub-regulation (1), the following sub-regulations shall be inserted, namely,-

“(2) A recognised stock exchange shall pay to the Board, based on its annual turnover, an amount specified under Part –A of Schedule -III of these regulations within thirty days of the conclusion of the relevant financial year:

Explanation: For the purposes of this sub-regulation, the expression “annual turnover” shall mean the aggregate value of the transactions, excluding turnover on agricultural commodity derivatives, which took place on the recognised stock exchange during the relevant financial year:

Provided that the recognized stock exchanges shall pay a flat regulatory fee of one lakh rupees on aggregate value of the transactions on agricultural commodity derivatives.

(3) A recognised stock exchange shall also pay to the Board, within fifteen days form the end of each quarter of a financial year, an amount equal to ten per cent of the aggregate of listing fees collected from the issuers whose securities are listed on it, during that quarter:

Provided that the fees due under sub-regulation (3) in respect of the last quarter of a financial year may be paid within thirty days of conclusion of the quarter, together with the fees due under sub-regulation (2).

Explanation: For the purposes of this sub-regulation, the expression “listing fees” shall mean all fees collected by a recognised stock exchange from any company or other entity whose securities are listed thereon, towards listing of such securities.”

(4) The fee mentioned in sub-regulation (2) and sub-regulation (3) shall be paid by a recognised stock exchange by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI or by means of a demand draft drawn in favour of “Securities and Exchange Board of India”, payable at Mumbai and the intimation of remittance or the demand draft, as applicable, shall be forwarded along with the statement of computation of the fee.

(5) The statement of computation of fees mentioned in sub-regulation (4) shall be certified to be correct by a chartered accountant.

(6) Every recognised stock exchange shall maintain such registers and furnish such returns or information to the Board in respect of its annual turnover, the listing fees collected by it and the fee paid or payable under these regulations, as may be specified by the Board.

(7) Without prejudice to sub-regulation (6), a recognised stock exchange shall also be liable to furnish such information or explanations to the Board as may be required in respect of the regulated functions and the fee paid or payable under this regulation.

(8) Where due to the default of the recognised stock exchange, any fee which was liable to be paid under sub-regulation (2) and sub-regulation (3) remains unpaid or is paid belatedly or is short-paid, it shall, without prejudice to any other action that may be taken under the Act, rules or regulations, pay an interest of fifteen per cent per annum on the amount remaining unpaid or belatedly paid or short-paid, for every month of delay or part thereof to the Board.

iii. existing sub-regulation (2) shall be re-numbered as sub-regulation (9).

III. In regulation 52,

i. in sub-regulation (2), after the words “and circulars” and before the words “before the”, the words “referred to in sub-regulation (1)” shall be inserted.

ii. after sub-regulation (3), the following sub-regulations shall be inserted, namely,-

“(4) On and from the commencement of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021, the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006, shall stand repealed.

(5) On and from the date of repeal of Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006, anything done or any action taken or purported to have been taken or contemplated under the said regulations and circulars before the commencement of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2021 shall be deemed to have been done or taken or commenced or contemplated under the corresponding provisions of these regulations.”

IV. After Schedule –II, the following Schedule shall be inserted, namely,-

“SCHEDULE – III

PART – A

[See regulation 11(1)]

Rate of Regulatory Fee:

Sr. No.

(1)

Annual Turnover (Rupees in crores) (2) Amount of fee (Rs.) (3)
1 Less than or equal to 10,000 1,00,000/-
2 More than 10,000 but less than or equal to 1,00,000 10,00,000/-
3 More than 1,00,000 but less than or equal to 5,00,000 50,00,000/-
4 More than 5,00,000 but less than or equal to 10,00,000 1,00,00,000/-
5 More than 10,00,000 1,00,00,000 plus

0.000012 per cent of the annual turnover

in excess of 10,00,000 crores.”

AJAY TYAGI, Chairman

[Advt. III/4/Ext./547/2020-21]

Footnote:

1. The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 were published in the Gazette of India on 3rd October 2018 vide No. SEBI/LAD- NRO/GN/2018/41.

2. The Securities and Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 were subsequently amended –

(a) 4th June, 2019, the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/21.

(b) 17th April, 2020, the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, vide No. SEBI/LAD-NRO/GN/2020/10.

(c) 8th October, 2020, the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/32.

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