Refund of excess fees paid by Stock brokers to SEBI

DEPUTY GENERAL MANAGER
SECONDARY MARKET DEPARTMENT

The Executive Directors / Managing Directors
All Stock Exchanges

Dear Sir / Madam,

SUB: REFUND OF EXCESS FEES PAID BY STOCK BROKERS TO SEBI

We have been receiving requests from Exchanges/ brokers for refund of excess fees paid by stock brokers to SEBI.

All Exchanges are advised to inform their members that request for refund of excess fee would be processed only if the member concerned has paid excess over the fees and interest payable.

Further, requests by members for refund of excess fees should be routed through the concerned Exchange and should be accompanied by statement of turnover duly computed and certified by the concerned Exchange in the format specified in Annex- C of circular no.SMD/Policy/Cir-07/2002 dated March 28, 2002 and forwarded in hard & soft copy format as per the said circular and fee liability duly computed as per format enclosed herewith.

The Exchange should ensure before forwarding the application for refund that the member has paid excess over the fees and interest payable by the concerned member to SEBI as per the SEBI (Stock Brokers and Sub-brokers) Regulations 1992 amended as on February 20, 2002 and circular no.SMD/Policy/Cir-07/2002 dated March 28, 2002.

Applications not accompanied by the above mentioned statements duly certified by the stock Exchange shall be returned to the Exchange for resubmission with necessary statements/ details.

Yours faithfully,
 

PARAG JAIN

Encl : a.a.

FEE LIABILITY COMPUTATION OF MEMBERS

Member’s name :

Member’s trade name :

Member’s SEBI Registration number :

(as appearing on the SEBI Registration certificate)

Name of the Stock Exchange :
 
 

 
 
  For --------------------------- Stock Exchange 
  
  
  
 Authorised Signatory