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2009 (6) TMI 61 - AT - Service TaxProviding Terminals - Stock brokers - The appellants have been created to provide additional facility to the members of the Madras Stock Exchange to trade with the Mumbai Stock Exchange as per Memorandum of Association and Articles of the appellants, they act as a market intermediary for facilitating the transactions of the members of the MSE and with other stock exchanges where the appellants are members. They provide terminals for the members of the MSE to trade with Mumbai Stock Exchange and other Stock Exchanges – Held that - The appellants cannot be considered as stock broker as they are not involved in the sale and purchase of securities and as per the Articles of Association, the appellants shall not undertake any dealings in securities on its own account
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