16th March, 2005
The Exchange has received a letter from SEBI vide letter Ref No. MIRSD/Fee Cell/AK/35937/2005, dated 14th March 2005 regarding Outstanding Broker-wise Fee Liability. The contents of the letter are reproduced below for the information of members.
“Deputy General Manager MIRSD/Fee Cell/AK/35937/2005
Market Intermediaries Regulation March 14,2005
And Supervision Department (Fee Cell)
Executive Director/Managing Director/Administrator
The SEBI (Interest Liability Regularisation) Scheme, 2004 stated that after the expiry of the Scheme, a broker having outstanding registration fee liabilities shall be liable to pay the entire outstanding amount including interest, as per the Regulations and shall also be liable for appropriate enforcement action as permissible under the Act and the Regulations framed there under. Accordingly, the brokers are being advised through a public notice to pay entire registration fee due along with the interest thereon on or before 31.03.2005 failing which summary proceedings under Chapter III of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 shall be initiated against them and without prejudice to other enforcement actions, their trading terminals shall be deactivated.
The fee liability statements of brokers who have any fee liability towards SEBI on account of either principal and/ or interest on account of his own account and / or on account of the erstwhile brokers are attached. You are requested to forward these statements to the brokers concerned immediately with an advice to pay the dues in full on or before 31.03.2005. If a broker pays his dues in full by 31st March 2005, the action proposed above shall not be taken against him.
If any broker on receipt of the outstanding fee liability statement takes a plea that his case is covered by any interim order from any court / tribunal etc., he may be advised to provide a copy of the interim order to SEBI.
Anita Kenkare “
In view of the above, members who have not cleared their dues to SEBI in respect of their Registration Fee, are requested to clear their dues in full on or before 31.03.2005 to avoid further action by SEBI in this regard.