THE GAZETTE
OF INDIA
EXTRAORDINARY
PART �II � SECTION 3
� SUB SECTION (ii)
PUBLISHED BY
AUTHORITY
SECURITIES AND
EXCHANGE BOARD OF INDIA
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
PRELIMINARY
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:
Sl. 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][Rs1,00,00,000 plus 0.00006% of the annual turnover in excess of Rs.
10,00,000 crores, subject to a maximum of Rs.20,00,00,000.] |
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][Provided that for a period of two years from the date of commencement of
Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges)
(Amendment) Regulations, 2015, a regional commodity derivatives exchange shall
pay to the Board, an annual regulatory fee of fifty thousand rupees, within
thirty days of conclusion of 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.
M. DAMODARAN
CHAIRMAN
SECURITIES AND EXCHANGE BOARD
OF INDIA