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Drumbeat: Ad Buzzaar
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Saturday, July 11, 1998
Link registration fee to brokerage fee, say brokers
Our Market Bureau
Mumbai, July 10: SEBI registration fee for a broker should be linked to the brokerage and not to turnover, this has been unanimously decided in a meeting held with the representatives of various Stock Exchanges at the ANMI meeting on Friday. The meeting which was attended by the presidents of Bombay and Magadh stock exchanges and the Vice Presidents of Delhi, Pune, Mangalore and Madras stock exchanges have decided to approach Sebi for an out of court settlement on this issue.They have proposed an annual registration fee of 1 per cent of the brokerage charges, subject to a maximum limit of Rs 50,000, Rs 25,000 and Rs 10,000 and a minimum limit of Rs 5000, Rs 2500 and Rs 1000 for the three categories as prescribed by Sebi structure. They have also proposed that NSE should be included in the first category of brokers. The representatives have also decided to form a federation of stock brokers which would take up the matters relating to various issues regarding the brokers. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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