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SCHEDULE - V - APPLICABILITY - Securities and Exchange Board of India (Stock Brokers) Regulations, 1992Extract 1 [SCHEDULE V PAYMENT OF FEES BY STOCK BROKERS/ CLEARING MEMBERS/ SELF-CLEARING MEMBERS 12 [[See Regulations 3, 8, 10A and 10C]] PART A APPLICABILITY 1. This Schedule shall apply to stock brokers in cash segment from the following points of time: (a) All stock brokers who are granted registration by the Board on or after the first day of October, 2006 - upon grant of such registration; (b) All stock brokers who were granted registration by the Board on or after the first day of April, 2006, but before the first day of October, 2006 - from the first day of October, 2006; (c) All stock brokers who have not completed five financial years from the date of grant of registration by the Board, as on the thirty first day of March, 2006 - upon completion of ten financial years from the date of grant of registration by the Board; (d) All stock brokers who have completed five financial years from the date of grant of registration by the Board, as on the thirty first day of March, 2006 - upon completion of the current block of five financial years, within the meaning of item I(1)(c) of Schedule III; (e) All stock brokers falling under sub-clause (c) or (d), who opt in accordance with clause 2 of this Schedule - from such date as may be specified by the Board. 2 [ 1A . This Schedule shall apply to every stock broker who deals in commodity derivatives and every clearing member/ self-clearing member who clears and settles trades in commodity derivatives, from the date of grant of registration: Provided that for a person dealing in commodity derivatives as a commodity derivatives broker, clearing and settling trades as a commodity derivatives clearing member or self-clearing member, immediately before the transfer and vesting of rights and assets of the Forward Markets Commission with the Securities and Exchange Board of India, this Schedule shall apply, upon grant of registration by the Board, the computation of fee being with effect from the date of notification of transfer and vesting of rights and assets of the Forward Markets Commission with the Securities and Exchange Board of India.] 16 [ 1B. This schedule shall apply to every stock broker who deals in electronic gold receipt segment and every clearing member / self-clearing member who clears and settles trades in electronic gold receipt segment, from the date of grant of registration. ] 2. Stock brokers falling under sub-clause (c) or (d) of clause 1 may opt to pay fees in accordance with this Schedule before completion of the relevant time periods mentioned in those sub-clauses, by exercising an option in writing to that effect and communicating it to the Board, in such manner and within such time as may be specified by the Board. PART B CHARGE OF FEES 3. (1) 11 [Segment Rate / Amount (in Rs.) Remarks Stock Broker Clearing member Self-clearing member Cash 0.00010 per cent of his turnover ( ₹ 10 per crore) * * All sale and purchase transactions in securities other than debt securities. Equity derivatives 0.00010 per cent of his turnover ( ₹ 10 per crore) 50,000/- 50,000/- Explanation.- (A) The expression turnover shall include the value of the trades executed by the stock broker on the concerned segment of the recognized stock exchange and of the trades settled on the expiration of the contracts. (B) In case of options contracts, turnover shall be computed on the basis of premium traded for the option contracts and in case where the option is exercised or assigned, it shall be additionally computed on the basis of notional value of option contracts exercised or assigned. Currency derivatives 0.00010 per cent of his turnover (₹ 10 per crore) 50,000/- 50,000/- Interest rate derivatives 0.00005 per cent of his turnover (₹ 5 per crore) 50,000/- 50,000/- Commodity derivatives Agricultural commodity derivatives 0.00010 per cent of his turnover (₹ 10 per crore) 0.00001 per cent of his turnover (₹ 1 per crore) 50,000/- 50,000/- Explanation.- [(A)] The expression turnover shall include the value of the trades executed by the stock broker on the concerned recognized stock exchange and of the trades settled on the expiration of the contracts. [(B) In case of options contracts, turnover shall be computed on the basis of premium traded for the option contracts and in case where the option is exercised or assigned, it shall be additionally computed on the basis of notional value of option contracts exercised or assigned.] Debt 0.00002 per cent of his turnover (₹ 2 per crore) Explanation.- For the purpose of this clause, the expression turnover shall include the aggregate value of the trades executed, including both sale and purchase transactions, by the stock broker including the proprietary trading member on the debts segment of the recognized stock exchange. 50,000/- 50,000/- The fee shall not be applicable for clearing member or selfclearing member in case the said clearing member or selfclearing member is already a clearing member or selfclearing member in any other segment and is paying fee, as specified in this Part, for such segment. ] 17 [ Electronic Gold Receipt Segment 0.00010 percent of turnover (₹ 10 per crore) * * All sale and purchase transactions in Electronic Gold Receipt. 18 [Execution Only Platforms * * * ] *As may be specified by the Board from time to time ] 13 [ (1A) Every stock broker in cash segment, equity derivatives segment, currency derivatives segment, interest rate derivatives segment and commodity derivatives segment (other than agri commodity derivative) liable to pay fees as a percentage of their turnover as specified at sub-clause 1 shall, for the period June 01, 2020 to March 31, 2021, pay only 50% (fifty percent) of fees as calculated therein, including for off-market transactions undertaken by them. ] (2) A clearing member/ self-clearing member shall pay a fee of ₹ 50,000 every year till his registration is in force, in the manner specified below:- (a) for the first financial year along with the application for registration; (b) for the subsequent financial years before 1st June of that financial year. 4. Nothing in clause 3 shall affect the liability of any stock broker to pay fees under Schedule III, which accrued before this Schedule became applicable to him and such fees shall be paid as per the relevant provisions of Schedule III as if they had not ceased to be applicable to him. 6 [4A. The non-refundable fee payable along with an application for registration under sub-regulation (4) of regulation 3 or sub-regulation (4) of regulation 10A shall be a sum of fifty thousand rupees: Provided that the non-refundable fee payable along with an application for registration, by a person dealing, clearing and settling trades, on a national commodity derivatives exchange or regional commodity derivatives exchange, immediately before the transfer and vesting of rights and assets of the Forward Markets Commission with the Securities and Exchange Board of India, shall be a sum of twenty-five thousand rupees or five thousand rupees, respectively.] 14 [ 4B. The fee specified in clause 4A shall be payable by the applicant by way of direct credit in the bank account through online payment using SEBI payment gateway. ] PART C MANNER OF PAYMENT AND RECOVERY 5. (1) Every recognized stock exchange shall collect from every stock broker in cash segment, the fee payable under clause 3 in respect of- (a) securities transactions entered into by him in that stock exchange; and (b) off-market transactions entered into by him which are reported to that stock exchange,- in accordance with the provisions of its bye-laws. Explanation.-The Board may specify the manner in which fees shall be collected from stock brokers who report the same transactions to different stock exchanges in which they are members, under clause (b). (2) Every recognized stock exchange shall collect from every stock broker in any segment other than cash segment, the fee payable under clause 3 in respect of turnover in the relevant segment of that stock exchange in accordance with the provisions of its bye-laws. 9 [(2a) Every commodity derivatives exchange shall collect from every stock broker/clearing member/self-clearing member, dealing/clearing and settling trades in commodity derivatives, the fee payable under sub-clause (1) of clause 3 in accordance with the provisions of its bye-laws.] (3) The fee collected by a recognized stock exchange under 10 [sub-clauses (1), (2) or (2a)] of this clause during a calendar month shall be paid by the stock exchange to the Board by the fifth working day of the following calendar month. (4) All recognized stock exchanges shall maintain such registers and furnish such returns or information to the Board in respect of the fee collected under this Schedule, as may be specified by the Board. (5) Without prejudice to sub-clause (4), a recognized stock exchange shall also be liable to furnish such information or explanations to the Board as may be required by it in respect of fee collected or liable to be collected under this Schedule. 15 [ 6. A stock broker who also acts as a clearing member/ self-clearing member shall pay the annual fee separately, as applicable to each category as specified in clause 3, by way of direct credit in the bank account through online payment using SEBI payment gateway. ] 7. (1) Nothing contained in clause 5 shall affect the primary liability of a stock broker/ clearing member/ self-clearing member to pay the fees under clause 3 or shall preclude the Board from recovering any such fee remaining unpaid by any stock broker/ clearing member/ self-clearing member directly from him. (2) Where due to the stock broker s/ clearing member s/ self-clearing member s default any fee which was liable to be paid on his behalf under clause 5 remains unpaid or is paid belatedly, he shall, without prejudice to any other action that may be taken under the Act, rules or regulations, pay an interest of 15 per cent per annum for every month of delay or part thereof to the Board. (3) Every stock broker/ clearing member/ self-clearing member shall be liable to furnish such information or explanations to the Board as may be required by it in respect of fee paid or payable under this Schedule. 8. The financial year shall mean the year commencing from 1st April and ending on 31st March of the following year. 9. For the purposes of this Part, the obligations cast on recognised stock exchanges and stock brokers shall, mutatis mutandis, apply to recognised clearing corporations and clearing members/self-clearing members also.] ******** 1 Schedule V inserted by the SEBI (Stock Brokers and Sub-brokers) (Second Amdt.) Regulations,2013 w.e.f 27.09.2013. 2 Inserted by the SEBI (Stock Brokers and Sub-brokers)(Amendment) Regulations, 2015, w.e.f. 28-09-2015. 3 Substituted for Tables 1 and 2 by the SEBI (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017, w.e.f. 01-04-2017. Prior to the substitution, Table 1 and Table 2, inserted by the SEBI (Stock Brokers and Sub-brokers) (Amendment) Regulations, 2015, w.e.f. 28-09-2015, read as follows: Table 1 FEES FOR MEMBERS DEALING IN SECURITIES, OTHER THAN COMMODITY DERIVATIVES Segment Rate / Amount (in ₹ ) Remarks Stock Broker Clearing Member Self Clearing Member Cash 0.0001 per cent of the price at which the securities are purchased or sold (₹10 per crore) * * All sale and purchase transactions in securities other than debt securities Equity Derivatives 0.0001 per cent of his turnover (₹10 per crore) 50,000/- 50,000/- Explanation (A)The expression turnover shall include the value of the trades executed by the stock broker on the concerned segment of the recognised stock exchange and of the trades settled on the expiration of the contracts. (B)In case of options contracts, turnover shall be computed on the basis of premium traded for the option contracts and in case where the option is exercised or assigned, it shall be additionally be computed on the basis of notional value of option contracts exercised or assigned. Currency Derivatives 0.0001 per cent of his turnover (₹10 per crore) 50,000/ 50,000/- Interest Rate Derivatives 0.000025 per cent of his turnover (₹2.5 per crore) 50,000/- 50,000/- Debt 0.00001 per cent of his turnover (₹1 per crore) Explanation- For the purpose of this clause, the expression turnover shall include the aggregate value of the trades executed, including both the sale and purchase transactions, by the stock broker including the proprietary trading member on the debt segment of the recognised stock exchange. 50,000/- 50,000/- The fee shall not be applicable for clearing member or self-clearing member in case the said clearing member or self-clearing member is already a clearing member or self-clearing member in any other segment and is paying fee, as specified in this Part, for such segment. As may be specified by the Board from time to time TABLE 2 FEES FOR MEMBERS DEALING IN COMMODITY DERIVATIVES Rate / Amount (in ₹) Remarks Stock Broker Clearing Member Self-Clearing Member 0.0002 per cent of his turnover (₹20 per crore) 50,000/- 50,000/- Explanation- The expression turnover shall include the value of the trades executed by the stock broker on the concerned recognised stock exchange and of the trades settled on the expiration of the contracts. 4 Inserted by the SEBI (Stock Brokers and Sub-brokers)(Amendment) Regulations, 2018, w.e.f. 13-06-2017 5 Inserted by the SEBI (Stock Brokers and Sub-brokers)(Amendment) Regulations, 2018, w.e.f. 13-06-2017 6 Clause 4A substituted by the SEBI (Stock Brokers and Sub-brokers) (Amendment) Regulations, 2015, w.e.f. 28-9-2015. Prior to its substitution, Clause 4A, as inserted by the SEBI (Payment of Fees) (Amendment) Regulations, 2014, w.e.f. 23-5-2014, read as under : 4A. The non-refundable fee payable along with an application for registration under sub- regulation (4) of regulation 3 or sub-regulation (4) of regulation 10A shall be a sum of fifty thousand rupees. 7 Inserted by the SEBI (Payment of Fees) (Amendment) Regulations, 2014, w.e.f. 23-5-2014. 8 Inserted by the SEBI (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017, w.e.f. 6-3-2017. 9 Inserted by the SEBI (Stock Brokers and Sub-brokers)(Amendment) Regulations, 2015, w.e.f. 28-09-2015. 10 Substituted by the SEBI (Stock Brokers and Sub-brokers)(Amendment) Regulations, 2015 for the words sub-clause (1) or (2) w.e.f. 28-09-2015. 11. Substituted vide Notification No. SEBI/L.A.D.-N.R.O./G.N./2019/03 vide 22-03-2019 before it was read as 3. (1) On and from the applicability of this Schedule, every stock broker/ clearing member/self clearing member shall pay to the Board in accordance with Part C, a fee in respect of the securities transactions including off-market transactions undertaken by them, at the rates mentioned below: 3 [Table Segment Rate / Amount (in ₹ ) Remarks Stock Broker Clearing Member Self Clearing Member Cash 0.00015 per cent of the price at which the securities are purchased or sold (₹ 15 per crore) * * All sale and purchase transactions in securities other than debt securities. Equity derivatives 0.00015 per cent of his turnover (₹ 15 per crore) 50,000/- 50,000/- Explanation.-(A) The expression turnover shall include the value of the trades executed by the stock broker on the concerned segment of the recognized stock exchange and of the trades settled on the expiration of the contracts. (B) In case of options contracts, turnover shall be computed on the basis of premium traded for the option contracts and in case where the option is exercised or assigned, it shall be additionally computed on the basis of notional value of option contracts exercised or assigned. Currency derivatives 0.00015 per cent of his turnover (₹ 15 per crore) 50,000/- 50,000/- Interest rate derivatives 0.00005 per cent of his turnover (₹ 5 per crore) 50,000/- 50,000/- Commodity derivatives 0.00015 per cent of his turnover (₹ 15 per crore) 50,000/- 50,000/- Explanation.- 4 [(A)] The expression turnover shall include the value of the trades executed by the stock broker on the concerned recognized stock exchange and of the trades settled on the expiration of the contracts. 5 [(B) In case of options contracts, turnover shall be computed on the basis of premium traded for the option contracts and in case where the option is exercised or assigned, it shall be additionally computed on the basis of notional value of option contracts exercised or assigned.] Debt 0.00002 per cent of his turnover (₹ 2 per crore) Explanation.- For the purpose of this clause, the expression turnover shall include the aggregate value of the trades executed, including both sale and purchase transactions, by the stock broker including the proprietary trading member on the debts segment of the recognized stock exchange. 50,000/- 50,000/- The fee shall not be applicable for clearing member or self-clearing member in case the said clearing member or self-clearing member is already a clearing member or self-clearing member in any other segment and is paying fee, as specified in this Part, for such segment.] 12. Substituted vide Notification No. LAD-NRO/GN/2013-14/03/1089 dated 23-05-2014 before it was read as [Regulation 10(1)] 13. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/011 dated 08-05-2020 w.e.f. 01-06-2020 14. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/23 dated 05-05-2021 before it was read as 7 [4B. The fee specified in clause 4A shall be payable by the applicant 8 [by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI or] by means of a demand draft in favour of Securities and Exchange Board of India payable at Mumbai.] 15. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/23 dated 05-05-2021 before it was read as 6. A stock broker who also acts as a clearing member/ self-clearing member shall pay the annual fee separately, as applicable to each category as specified in clause 3 above. 16. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/73 dated 23-02-2022 17. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/73 dated 23-02-2022 18. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/116 dated 17-01-2023
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