Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations 2006

THE GAZETTE OF INDIA

EXTRAORDINARY

PART II SECTION 3 – SUB-SECTION (ii)

PUBLISHED BY AUTHORITY

New Delhi, Tuesday, August 1, 2006

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, 31 July, 2006

Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations 2006SECURITIES AND EXCHANGE BOARD OF INDIA (STOCK BROKERS AND SUB BROKERS) (AMENDMENT) REGULATIONS, 2006

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S.O.No. 1235 (E). In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Stock Brokers and Sub Brokers) Regulations, 1992 namely:-

1. These Regulations may be called the Securities and Exchange Board of India (Stock Brokers and Sub Brokers) (Amendment) Regulations, 2006.

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

3. In Securities and Exchange Board of India (Stock Brokers and Sub Brokers) Regulations, 1992, in Schedule III, for paragraph II, the following paragraph shall be substituted, namely –

“II. Fees to be paid by sub-brokers

Every sub-broker shall pay fees in the manner set out below:

(a) Where a sub-broker was granted certificate of registration by the Board before August 1, 2006 –

(i)he shall pay a sum of ten thousand rupees for the block of five financial years commencing from April 1, 2007; and

(ii) after the expiry of the said block of five financial years, he shall pay a sum of five thousand rupees for every subsequent block of five financial years.

(b)  Where a sub-broker is granted certificate of registration by the Board on or after August 1, 2006 –

(i) he shall pay a sum of ten thousand rupees for the block of five financial years commencing from the financial year in which registration has been granted; and

(ii) After the expiry of the said block of five financial years, he shall pay a sum of five thousand rupees for every subsequent block of five financial years.

(c)  Every sub-broker shall pay fees under sub-clause (a) or sub-clause (b), as the case may be, within such time as may be specified by the Board.”

M. DAMODARAN

CHAIRMAN

F.No. SEBILADDOP 3107 2006

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