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THE GAZETTE OF
EXTRAORDINARY PART –II –
SECTION 3 – SUB SECTION (ii) PUBLISHED BY
AUTHORITY SECURITIES AND
EXCHANGE BOARD OF NOTIFICATION Mumbai, the 14th
December 2006 SECURITIES AND
EXCHANGE BOARD OF INDIA (REGULATORY
FEE ON STOCK EXCHANGES) REGULATIONS, 2006 S.O. No. 2097(E). In exercise of the powers
conferred by Section 30 read with clause (k) of sub-section (2) of section 11
of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board
hereby makes the following regulations, namely:- CHAPTER I Short title and commencement 1.
(1) These regulations may be called the Securities and Exchange Board of
India (Regulatory Fee on Stock Exchanges) Regulations, 2006. (2) They shall come into force on
the first day of January 2007. Definitions 2. (1) In these Regulations,
unless the context otherwise requires:- (a) “Act” means the Securities and Exchange Board
of India Act, 1992 (15 of 1992); (b) “Board” means
the Securities and Exchange Board of India established under provisions of section
3 of the Act; (c) “company”
means a company as defined in section 3 of the Companies Act, 1956 (1 of
1956); (d) “financial year” means the period of twelve
months commencing on the first day of April every year; (e) “quarter” means the period of three months
commencing on the first day of April, July, October and January of each
financial year; (f) “recognised stock exchange” means a stock
exchange which has been granted recognition under section 4 of the Securities
Contracts (Regulation) Act, 1956 (42 of 1956); and (g) “regulatory fee” means fees levied by the Board
under these regulations for carrying out the functions under the Act and the
Securities Contracts (Regulation) Act, 1956 (42 of 1956). (2) All other words and expressions used but not
defined in these regulations, but defined in the Act or in the Companies Act,
1956 (1 of 1956) or in Securities Contracts (Regulation) Act, 1956 (42 of 1956)
or the rules and the regulations made thereunder or in the scheme, shall have
the same meanings respectively assigned to them in such Acts or the rules or
the regulations made thereunder or any statutory modification or re-enactment
thereto, as the case may be. CHAPTER II LEVY AND PAYMENT
OF REGULATORY FEE ON STOCK EXCHANGES Regulatory fee
on stock exchanges 3. On and from the
commencement of these regulations, there shall be charged on every recognised stock
exchange, a regulatory fee payable to the Board, at such rates and within such
time as is mentioned in regulation 4. Rate of
regulatory fee 4. (1) A recognised stock
exchange having an annual turnover mentioned in column (2) of the following
Table shall pay to the Board, within thirty days of conclusion of the relevant
financial year, an amount mentioned in the corresponding entry in column (3) of
the said Table:
Explanation: For the purposes of this sub-regulation,
the expression “annual turnover” shall mean the aggregate value of the
transactions which took place on the recognised stock exchange during the
relevant financial year. (2) A recognised stock exchange shall also pay to
the Board, within fifteen days of end of each quarter of a financial year, an
amount equal to ten per cent of the aggregate of listing fees collected by it
from issuers whose securities are listed on it, during that quarter: Provided that the fees due under sub-regulation (2)
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 (1). 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. Manner of
payment of fee 5. (1) The fee mentioned in
regulation 4 shall be paid by a recognised stock exchange by means of a demand
draft drawn in favour of the “Securities and Exchange Board of India”, payable
at Mumbai and shall be accompanied by a statement of computation of the fees. (2) The statement of computation of fees mentioned
in sub-regulation (1) shall be certified to be correct by a chartered
accountant. CHAPTER III MISCELLANEOUS Other duties
of recognised stock exchanges 6. (1) 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. (2) Without prejudice to sub-regulation (1), a
recognised stock exchange shall also be liable to furnish such information or
explanations to the Board as may be required by it in respect of its regulated
functions and the fee paid or payable under these regulations. (3) Where due to the default of the recognised stock
exchange, any fee which was liable to be paid under regulation 4 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. F. No. SEBI/LAD/DOP/30/1278/2006 M. DAMODARAN CHAIRMAN SECURITIES AND
EXCHANGE BOARD OF |
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